Study: MENA Crypto Volumes Grew Fastest Between July 2021 and June 2022 — Turkey Cements Position as Region's Largest Market – Emerging Markets Bitcoin News

Turkey remained the MENA region’s biggest cryptocurrency market after its citizens “received $192 billion from July 2021 to June 2022” or nearly 40% of the region’s total. However, despite cementing its position as MENA’s top crypto market, Turkey’s year-on-year crypto transaction volume growth of 10.5% means the country is ranked last among the six surveyed countries., the year-on-year growth in cryptocurrency transaction volume topped 221.7% in the period under review.

Egypt’s position at the intersection of growing crypto remittances and increased inflationary pressures help explain why it’s the fastest-growing crypto market in all of MENA this year. Between July 2021 and June 2022, transaction volume in Egypt tripled compared to the preceding year. The Kingdom of Saudi Arabia is the MENA region country with the next highest YoY growth in its cryptocurrency transaction volumes. Crisis-torn Lebanon is in third place with a YoY growth of 120.9%, and is followed closely by Morocco with 120.8%.In Afghanistan, which used to be the MENA leader in grassroots crypto adoption, the Taliban’s takeover in August 2021 has led to a sharp drop in the country’s onchain activity, the report noted.

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