MENA is the fastest-growing crypto user, says a study.

By The Exchange Team

Middle East and North Africa are the world's fastest-growing cryptocurrency marketplaces, with volume up 48% from June 2017 to June 2018.

MENA is one of the smallest crypto marketplaces, but its increase to $566 billion between July 2021 and June 2022 suggests adoption is expanding quickly.

Latin America's 40% growth was second. North America grew 36%, followed by Central and Southern Asia and Oceania at 35%.

Three MENA nations are among the top 30 in Chainalysis' 2022 Global Crypto Adoption Index: Turkey (12th), Egypt (14th), and Morocco (24th).

In Turkey and Egypt, shifting cryptocurrency values have coincided with rapid fiat currency devaluations, said Chainalysis.

Turkey tops the MENA area in terms of crypto received, with $192 billion in the year to end-June, but just 10.5% year-on-year growth.

Afghanistan, which was 20th on Chainalysis' adoption ranking last year, is now last because the Taliban "equate crypto to gambling," which is forbidden in Islam.