The Middle East and North Africa (MENA) region is actively adopting cryptocurrencies, ranking seventh in the world by transaction volume.
Crypto Transactions in MENA
According to Chainalysis, from July 2023 to June 2024, MENA witnessed $338.7 billion in crypto transactions, accounting for 7.5% of the global total. This has been particularly pronounced in the UAE, which attracted over $30 billion in digital assets, and where over 74% of young adults express interest in cryptocurrencies.
Initiatives in UAE and Saudi Arabia
The UAE is actively integrating cryptocurrencies into various sectors, including real estate, where companies like RAK Properties have begun accepting Bitcoin and Ethereum for international property transactions. Saudi Arabia, too, displays significant growth in youth cryptocurrency adoption, recording a 153% increase in interest.
Regulatory Steps and Partnerships
The partnership between the UAE's Securities and Commodities Authority and the Dubai Virtual Assets Regulatory Authority aims to streamline operations for virtual asset service providers, creating clear regulatory frameworks. This allows both organizations to adapt more swiftly to market changes while maintaining high compliance standards.
MENA is not just keeping pace with global cryptocurrency trends; it is actively shaping them by implementing innovative ideas and creating a robust ecosystem for digital assets.
