Bitcoin Rising In The Gulf: UAE Sees Crypto Market Growing 10-Times This Year

The Bitcoin (and crypto market in general) in the Middle East and North Africa (MENA) region is the fastest growing in the world, according to a report released by data platform Chainalysis.

Countries that are part of MENA are Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait and Lebanon. Other nations within the region include Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen.

Across these sovereign states, from July 2021 to June 2022, more than 9% of the total global cryptocurrency transactions were recorded.

Individual crypto investors from different countries in the region were recipients of approximately $566 billion in digital currencies d