A Quick Look at Crypto Growth in MENA

The Middle East and North Africa (MENA) region has seen remarkable crypto growth over the past year, largely due to Bitcoin’s 120% rise in 2024, pushing the sector’s market cap close to $3.8 trillion.

MENA: A Rising Crypto Market

During this growth, MENA emerged as the seventh-largest crypto market worldwide, representing 7.5% of global transaction volume. In countries like the UAE and Saudi Arabia, crypto enthusiasts are moving beyond centralized exchanges, with decentralized finance (DeFi) platforms gaining traction.

Trump’s Second Term and MENA’s Crypto Ambitions

The potential return of Donald Trump to the White House appears to have reignited interest in digital assets, influencing regulatory approaches in MENA countries. Trump’s focus on establishing clear regulations in the U.S. is encouraging Middle Eastern governments to enhance their own frameworks, creating an investment-friendly climate.

Shafah Bar-Geffen, CEO of Coti Group, notes that America’s regulatory model often affects global practices. This shift has prompted major financial institutions, including Goldman Sachs and JPMorgan, to reassess their crypto strategies, which has positively impacted MENA.

Evidence of Acceleration

Evidence of growing adoption is seen with Dubai’s DMCC Crypto Centre reporting a 300% increase in blockchain company registrations since Trump’s re-election. Saudi Arabia is also progressing with its central bank digital currency (CBDC) initiatives, aligning with Vision 2030 goals.

High-profile endorsements, such as Eric Trump speaking at the Bitcoin MENA conference, further connect the Trump administration with MENA’s crypto dreams, acknowledging the UAE’s blockchain-friendly leadership.

Building Tomorrow’s Financial Oasis

With MENA processing $338.7 billion in on-chain value from July 2023 to June 2024, the region is now a pivotal player in digital assets. Notably, 93% of transactions were valued at $10,000 or more, demonstrating that institutional investors are driving adoption. MENA’s balanced strategy towards decentralized innovation aims to create sustainable infrastructure rather than merely reacting to market volatility, positioning the region as a leader in the fusion of traditional finance and digital systems.