The MENA Crypto Market is the fastest growing in the world
According to the latest statistics for 2022, there are a total of 5 most massive crypto markets. These include the US, UK, Canada, Japan and South Korea.
The MENA crypto market is a unified platform that includes countries from North Africa and Middle East Asia. Founded in 2018. The MENA crypto market is special with its high standard of security and affordable reliable services. It is headquartered in Dubai.
Although the reputation of the MENA crypto market is quite strong, it was not very popular during those years. 2017 saw a huge surge in interest and investment in cryptocurrencies, with many buying into the hype of Bitcoin and other digital currencies. However, 2018 saw a major price crash, with Bitcoin losing over 70% of its value. This caused many people to lose interest in cryptocurrencies and the market as a whole. 2019 has seen some uptick in prices, but overall interest remains relatively low compared to 2017 levels.
According to investfox linked in October 2022 post, MENA is considered the fastest growing crypto market in the world. How it became more popular than the aforementioned massive crypto markets and what the MENA market is more about with its features and trends, find out below.
MENA – Crypto market you should know
The MENA Crypto Market was created in 2018 by a group of entrepreneurs who saw the potential for cryptocurrency in the Middle East and North Africa region. The market is currently owned by a consortium of investors from the United Arab Emirates, Saudi Arabia and Kuwait.
There is a growing number of investors involved in the MENA crypto market. This is due to the region’s growing interest in and use of digital currencies and blockchain technology. The MENA region has seen an increase in investment in cryptoassets in recent years, with the total value of investments reaching $1 billion in 2018. Until 2022, this trend will continue. In the near future, it is predicted to be maintained.
With the general conditions, the MENA market is very good to choose, but it also has some special features. Firstly, the region has a large and young population that is relatively untapped by traditional financial institutions. So MENA companies have greater prospects to attract more customers. Second, the area covering MENA is popular with a large number of wealthy people. They are very active in investments which create a fantastic opportunity for MENA companies. This has led to a booming market for luxury goods and services, which also drives the demand for cryptocurrencies. Finally, the MENA region has been largely untouched by major regulatory changes or crackdowns on cryptocurrency trading, meaning it remains one of the most open markets in the world.
There are a few main regulators in the MENA crypto market. The most prestigious are the SEC in the United States, the Monetary Authority of Singapore and the Dubai Financial Services Authority. Each of these organizations has different rules and regulations regarding cryptocurrencies. For example, the SEC has a rather complicated registration required to start operating in the market. MAS has strict anti-money laundering laws that must be followed by all exchanges operating in Singapore. And finally, the DFSA requires all crypto businesses to have a license before they can operate in Dubai.
As you can see, MENA legislation is a bit complex. Different countries in the MENA region have different rules when it comes to crypto. Some countries, such as Bahrain, have been quite welcoming to cryptocurrencies and have even created a regulatory framework for them. Other countries, such as Egypt, have outright banned cryptocurrencies. So investors interested in becoming a part of the MENA crypto market must research the regulations of the specific country or countries they are interested in before taking any steps.
Why is MENA today’s fastest growing market?
In 2022, the MENA market became the major player in the crypto industry. A number of factors are driving this growth, including the region’s large population of young adults and its increasing access to mobile and internet technology.
In addition, many countries in the MENA region have unstable economies and currencies, making Bitcoin and other cryptocurrencies an attractive alternative investment. Finally, there is a growing awareness of the potential of blockchain technology across the MENA region, which is expected to lead to more widespread adoption of cryptocurrencies.
There are a number of forecasts about the future growth of the MENA crypto market. Some believe that it will continue to grow at a rapid pace, while others believe that growth will slow down in the coming years. However, most agree that the MENA region has great potential for further development in cryptocurrency and blockchain technology.
