Middle East accounts for 7.5% of global crypto volume — Chainalysis

According to a Sept. 25 Chainalysis report, nan Middle East and North Africa region (MENA) accounted for 7.5% of each cryptocurrency transaction measurement globally betwixt July 2023 and June 2024.

Chainalysis estimates nan full worth received during nan play to beryllium $338.7 billion, pinch nan immense mostly of nan transaction measurement coming from organization and master investors.

According to nan report, an estimated 93% of transactions were for $10,000 aliases much — dwarfing mini unit investors, who accounted for a mini 1.8% of each transaction measurement successful nan region.

Breakdown of worth received successful nan Middle East and North Africa region by transaction size. Source: Chainalysis

Onchain postulation successful nan region was chiefly conducted done centralized exchanges. However, nan study besides noted nan United Arab Emirates and Saudi Arabia’s “high interest” successful decentralized platforms.

Related: Bybit eyes Muslim investors pinch Shariah-compliant crypto account

The United Arab Emirates becomes a world crypto hub

Chainalysis highlighted nan United Arab Emirates’ emergence arsenic a world crypto hub — chiefly driven by regulatory clarity and a forward-looking stance connected integer plus technology.

In August 2024, nan Dubai Court of First Instance ruled that cryptocurrencies are valid payments for employment contracts and recognized that labor person a correct to cod integer tokens stipulated successful ineligible activity agreements.

The plaintiff successful nan case, who agreed to a monthly net stipulated successful some fiat rate and EcoWatt tokens, did not person nan tokens from nan employer and alternatively turned to nan tribunal for relief.

In 2023, nan tribunal ruled that nan plaintiff was owed monetary damages but did not unit nan costs to beryllium denominated successful crypto — a position overturned successful nan August 2024 ruling.

UAE year-over-year maturation successful worth received by investor class. Source: Chainalysis

In September 2024, financial regulators successful nan UAE took different measurement toward embracing integer assets by allowing virtual plus providers licensed successful Dubai to service nan full country.

The president of Dubai’s Virtual Assets Regulatory Authority’s (VARA) executive committee said nan organization’s caller business pinch nan UAE’s Securities and Commodities Authority (SCA) streamlines nan regulatory process and provides broad assurances against investor consequence and fraud.

More recently, nan Central Bank of nan United Arab Emirates approved a custodial security product that would protect financial institutions and their clients from losses resulting from hacks, soul fraud and harm to retention infrastructure.

Magazine: Saudi Arabia’s Riyadh whitethorn beryllium crypto’s sleeping giant: Crypto City Guide