MENA Emerges as the Seventh-Largest Crypto Market in 2024 Driven by Institutional Investors

The Middle East & North Africa (MENA) region solidifies its position as the seventh-largest crypto market globally in 2024, receiving an estimated US $338.7 billion in on-chain value from July 2023 to June 2024. This accounts for 7.5% of the global transaction volume, underscoring its growing significance in the crypto ecosystem.

Notably, Türkiye (11th) and Morocco (27th) rank among the top 30 countries in the Global Crypto Adoption Index, recording US $137 billion and US $12.7 billion in value received, respectively.

Centralized exchanges (CEXs) dominate as the leading gateways for crypto inflows, reflecting a preference for traditional platforms among users and institutions. However, decentralized platforms and DeFi applications are gaining steady momentum, hinting at a gradual shift in user behavior.

Institutional and professional-level activity drives the region's crypto landscape, with 93% of the value transferred consisting of transactions exceeding US $10,000, signaling strong participation from high-value market players.