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The excitement around crypto continues to grow. However, one region seems to have quietly consolidated its place on the global stage: the Middle East and North Africa (MENA). With an estimated chain value of $389.8 billion, this region represents an essential part of the global market, holding 7.2% of total trading volume.
Diversified dynamics: each country has its crypto signature
Crypto, much more than just an asset, is a reflection of the socio-economic nuances of a region. Within MENA, three countries stood out, appearing among the top 30 of the global crypto index.
Turkey dominates in gross volume. However, each country has its specificity. Morocco, for example, welcomed Binance but refused France. Iran is also going its own way. Although MENA transaction volumes resemble those of other regions, each country tells a unique story.
The nuances between countries become even more apparent when looking at their preferences for types of crypto platforms, whether DeFi or centralized exchange protocols.
Regulatory frameworks and adoption: the key to success
The rise of crypto in MENA is not a pure coincidence. It is the result of a combination of factors, perhaps the most notable of which is the adoption of favorable regulatory frameworks as reported Chain Analysis.
These frameworks, with a focus on innovation while ensuring consumer safety, have created an environment conducive to growth and experimentation.
Whether for safeguarding wealth in countries with unstable economies or to explore new frontiers of blockchain in more stable countries, regulation has played a crucial role in the popularization of crypto.
In conclusion, crypto is not just a technological revolution. It is a mirror of the aspirations and concerns of a region. And MENA, with its complex dynamics and rapid adoption of crypto, is well on its way to becoming a major player in this new financial era. The question remains: what other surprises does this region hold in the future? Time, as always, will provide the answers. The Russia-Africa dynamic could also make a significant contribution to this building.
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Fascinated by bitcoin since 2017, Evariste has continued to research the subject. If his first interest was in trading, he is now actively trying to understand all the advances centered on cryptocurrencies. As an editor, he aspires to continually deliver high-quality work that reflects the state of the industry as a whole.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.