2023-04-29 09:15:29
“Blockchain chain” explains that emerging markets dominate cryptocurrency transactions and that the “Mena” region is home to three of the top 30 emerging countries regarding the adoption of digital currencies, this year, namely Turkey (12e globally), Egypt (14e) and Morocco (24e).
According to a recent study by the data platform “Blockchain chain”, cryptocurrency transactions of individual investors in the Middle East and North Africa (MENA) region amounted to approximately 566 billion dollars, between July 2021 and June 2022, up 48% year-on-year. According to the same source, this region is the fastest growing cryptocurrency market in the world, accounting for 9.2% of total cryptocurrency transactions during the same period.
To preserve savings
According to research conducted by “Blockchain chain”, cryptocurrency transactions are carried out, mainly, within emerging markets and the “Mena” region. Incidentally, the Mena region is home to three of the top 30 emerging countries in adopting digital currencies this year, namely Turkey (12e), Egypt (14e) and Morocco (24e).
It should also be noted that according to the study, the attractiveness of encrypted electronic currencies (cryptocurrency) has increased in Turkey and Egypt to preserve savings, at a time when their currencies, namely the Turkish Lira and the Egyptian pound devalued. Thus, Turkey is the largest cryptocurrency market in the Middle East, and the Turks have invested in this sector 192 billion dollars from July 2021 to June 2022. The work of “Blockchain chain” shows, on the other hand, that Saudi Arabia has great potential in the cryptocurrency market. Its transaction volume increased by 195%. Saudi Arabia is not at its first step in favor of the development of “blockchain” in the country. Last April, the Saudi interior minister’s assistant for technology said he was studying the possibility of implementing “blockchain” and cryptocurrencies within the government. He also clarified that Saudi Arabia had to move forward in terms of “blockchain” and cryptocurrency. “The country must welcome all the talented people in the sector to develop innovative solutions,” he said. A speech that was enthusiastic and largely favorable to the use and development of “blockchain” technology in the country.
The UAE recorded market transactions of around $38 billion during the same period, up from around $28 billion a year earlier. In a recent announcement, the United Arab Emirates Securities Regulator announced that it will “begin to work on license applications made by several players in the cryptocurrency world”. You should know that the United Arab Emirates have often been presented as an El Dorado for “cryptophiles” due to very low taxation.
In the Gulf countries, the regulations are now very clear. It will operate through a compulsory license system. A system that applies to all companies wishing to provide crypto services in these countries. Unless these are already allowed in the UAE Financial Free Zones. An element that had allowed crypto to largely develop in the Gulf countries. As illustrated by the proportion of Emiratis holding digital assets (over 27%).
Russia in second place!
The same source said that the main determinants of cryptocurrency purchases in the Gulf countries differ from those in the rest of the countries in the region. This difference is explained by the adoption by the younger generation, particularly in the Gulf countries, of technology and their relatively high incomes. The adoption of virtual currencies in these countries is not limited to individuals, but also includes financial institutions and banks in the Gulf, which were the first to invest in them.
A few days ago, an announcement was made which more or less astonished the world. In a remarkable shift in the international garden of cryptocurrency exploration, Russia has, in fact, soared to become the second-largest bitcoin (BTC) exploration center on the planet, along with the United States. maintain their own pioneering role. This progression has considerable ramifications for customers, organizations, and also enthusiasts around the world, as the crypto market is growing rapidly.
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