Cryptocurrency Market in the Middle East & North Africa Grows, with Active Altcoin Speculation in Turkey - Chainalysis

On the 22nd, blockchain analytics firm Chainalysis released a report on the adoption of cryptocurrencies (virtual currencies) in the MENA (Middle East & North Africa) region for the year 2025.

Firstly, the report highlights Turkey, which leads the region, with its annual trading volume expected to reach about $200 billion (approximately 31 trillion yen) between 2024 and 2025, roughly four times that of the United Arab Emirates (UAE), the second-largest market in the region.

The report points to Turkey's challenging economic conditions, particularly ongoing currency devaluation and inflation, as factors driving the adoption of cryptocurrencies. Cryptocurrencies serve as an alternative financial infrastructure,...