A recent Chainalysis report reveals that the Middle East and North Africa (MENA) region accounted for 7.5% of the global cryptocurrency trading volume from July 2023 to June 2024. The region facilitated approximately $338.7 billion in transactions, predominantly driven by institutions and professional investors, with 93% of transactions exceeding $10,000. In contrast, small retail investors contributed just 1.8% of the trading volume.

The report emphasizes that while centralized platforms continue to dominate on-chain activity in MENA, interest in decentralized platforms is growing, particularly in the UAE and Saudi Arabia. The UAE has positioned itself as a global cryptocurrency hub, thanks to its clear regulatory framework and innovative approach. Notably, in August 2024, the Dubai Court of First Instance officially recognized cryptocurrencies as a legal form of payment in employment contracts.