According to the latest report published by analytics firm Chainalysis, the Middle East and North Africa (MENA) region has become the fastest growing crypto market.
According to the company's experts, between July 2021 and June 2022, transactions with digital assets totaled $566 billion, which is 48% more than during the previous 12 months.
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In terms of volume growth, MENA is followed by Latin America and North America, up 40% and 36%, respectively.
The MENA region consists of more than 20 countries, three of which are among the company's top 30 cryptocurrency adoption rankings - Turkey (12), Egypt (14) and Morocco (24).
According to Chainalysis, the activity with digital assets is due, for example, to the fact that the Turkish national currency depreciated by 80.5% and the Egyptian pound weakened by 13.5% during the reporting period.