The MENA cryptocurrency market is a confederation of nations from North Africa and Middle East Asia, built in 2018. The sector is unique due to its high level of safety and reasonable prices for dependable services. Its main office is in Dubai.
The MENA has the fastest-growing cryptocurrency marketplaces in the world, with the amount of cryptocurrency received in the region increasing by 48%. According to a Chainalysis analysis, the region currently represents an amazing 9.2% of all bitcoin transactions worldwide, making it the region with the fastest growth.
On Chainalysis' 2022 Global Crypto Adoption Index, three MENA nations rank in the top 30. Turkey is ranked 12th, Egypt is 14th, and Morocco is 24th.
After losing 44% of its value in 2017 amid a currency crisis brought on by interest rate cuts, the Turkish lira has fallen about 30% this year, reaching fresh record lows.
The MENA region's largest recipient of cryptocurrency is Turkey, which got $192 billion while only experiencing a 10.5% growth year over year.
The crypto market in MENA is thought to be the fastest-growing in the world. But what is the future of this market? Continue reading to find out.
MENA - Crypto Market You Should Know
The MENA region has a lot of potential for cryptocurrencies; therefore, a group of businessmen realised this opportunity and established the MENA crypto market in 2018. A group of investors from the United Arab Emirates, Saudi Arabia, and Kuwait presently own the market.
The MENA cryptocurrency industry is seeing an increase in investor participation due to the region's growing interest in and adoption of blockchain technology and digital currency. The amount of money invested in crypto assets in the MENA region has increased significantly in recent years, hitting $1 billion in 2018. This trend may continue in the foreseeable future.
Future Of Crypto In MENA
The MENA market overtook other markets to dominate the cryptocurrency business in 2022. Its expansion is being fueled by a number of variables, such as the substantial number of young individuals in the area and their expanding access to mobile and internet technology.
Also, the uncertain economies and currencies of many MENA nations make alternative investments like Bitcoin and other cryptocurrencies appealing. Finally, the MENA region is becoming more and more aware of the possibilities of blockchain technology, which is anticipated to increase the adoption of cryptocurrencies.
The MENA cryptocurrency sector is expected to increase in the future. Some predict that it will keep expanding quickly, while others predict that it will slow down in the years to come. The MENA area, however, offers enormous potential for advancement in the fields of cryptocurrencies and blockchain technology, according to the majority of experts.
