đ Crypto news from MENA! đ
- A Chainalysis report reveals that the Middle East and North Africa (MENA) region accounted for 7.5% of global crypto transaction volume between July 2023 and June 2024.
- The total value received is estimated to have been $338.7 billion, with 93% of transactions exceeding $10,000.
- Most transactions were conducted on centralized exchanges, although the United Arab Emirates and Saudi Arabia show interest in decentralized platforms.
- The United Arab Emirates stands out as a global crypto hub, thanks to its regulatory clarity and innovative stance.
- In August 2024, a court in Dubai recognized cryptocurrencies as valid payments in employment contracts.
- Financial regulators in the UAE allow virtual asset providers licensed in Dubai to operate across the country.
- UAE Central Bank approved a custodial insurance product to protect against losses from hacks and fraud.
đŹ What do you think about these developments in MENA? Leave us your comment!
