According to a Chainalysis report, the Middle East and North Africa (MENA) region accounted for 7.5% of the global cryptocurrency trading volume between July 2023 and June 2024. The region received an estimated $338.7 billion in transactions, with the majority stemming from institutions and professional investors, as 93% of transactions were valued over $10,000. Small retail investors made up just 1.8% of the trading volume.

The report also highlighted that while centralized platforms dominate on-chain activity in MENA, there is growing interest in decentralized platforms in the UAE and Saudi Arabia. The UAE has emerged as a global hub for cryptocurrency due to its clear regulatory stance and forward-thinking approach. Notably, in August 2024, the Dubai Court of First Instance recognized cryptocurrencies as a legal form of payment in employment contracts.