Main Points related to Bitcoin, web3, Ethereum, and Cryptocurrency:
- MENA region is the seventh-largest cryptocurrency market globally.
- Türkiye leads with $137 billion in on-chain value received.
- Morocco follows with $12.7 billion, ranking high in adoption index.
- 93% of transactions in MENA were over $10,000.
- UAE experienced growth in on-chain value due to favorable regulations.
- Stablecoin developments in UAE and educational initiatives in Türkiye and the Middle East.
- Saudi Arabia saw a 154% year-over-year growth in its crypto market.
- Most on-chain activity in MENA occurred on decentralized exchanges.
- Saudi Arabia and Qatar lack a regulatory framework for crypto companies.
- Saudi Ministry of Investment invested $250 million in the Hedera blockchain.
Türkiye’s Leading Position in Crypto Adoption
Türkiye stands out in the MENA region as the leader in cryptocurrency adoption, receiving a significant $137 billion in on-chain value. This places the country at the forefront of the crypto market, showcasing impressive growth and potential for further expansion.
Stablecoin Development and Educational Initiatives in the UAE and MENA
The United Arab Emirates has seen notable developments in the crypto space, with Tether announcing the creation of a dirham-pegged stablecoin backed by the country’s reserves. Additionally, collaborations with Fuze aim to educate individuals and institutions in Türkiye and the Middle East, enhancing awareness and adoption of cryptocurrencies in the region.
Saudi Arabia’s Rapid Growth and Regulatory Challenges
Saudi Arabia experienced a remarkable 154% year-over-year growth in its crypto market, emerging as a key player in the digital asset economy. However, the lack of a regulatory framework for crypto companies in Saudi Arabia and Qatar has led to a significant reliance on decentralized exchanges for on-chain activities, highlighting the importance of regulatory clarity in fostering a thriving crypto ecosystem.
