A new release by the blockchain analysis platform Chainalysis says the Middle East and North America (MENA) may be one of the smaller crypto markets but it's also the fastest growing.
Related: Crypto Crime Fell by 25% This Year, Chainalysis Reports
Chainalysis' 2022 Global Crypto Adoption Index reveals that from July 2021 to June 2022, MENA-based users received $566 bln in crypto. It is 48% more compared to the previous year.
Three of the top thirty countries in this year's index are Turkey, Egypt, and Morocco.
The leading crypto market in MENA is Turkey. Turkish citizens received $192 billion in cryptocurrencies. Chainalysis highlights that in Turkey and Egypt volatile crypto prices have coincided with devaluations of fiat currencies. The situation made crypto's role for savings stronger.
Lira, Turkey's national currency, has inflated by 80.5% in the last year, while the Egyptian Pound has weakened by 13.5%.