MENA is Emerging as Crypto Capital of the World in 2024, claims #Islamiccoin Co-Founder Mohammed AlKaff AlHashmi
The Middle East and North Africa (MENA) region has emerged as a powerful player in the global cryptocurrency economy, ranking sixth among all regions analyzed. MENA recorded a substantial on-chain value of approximately $389.8 billion between July 2022 and June 2023, according to the 2023 edition of the Geography of #cryptocurrency!!! report from Chainalysis.
Islamic Coin is the native currency of the HAQQ Network and a blockchain project that is the world’s first Shariah-compliant cryptocurrency.
In a conversation with Metaverse Post , Mohammed AlKaff AlHashmi, co-founder of HAQQ Network and Islamic Coin, delved into the dynamic landscape of web3 and blockchain in the MENA region, focusing on key players like #DubaiCrypto , Saudi Arabia and other global hubs.
The exploration of CBDCs by MENA’s central banks highlights the region’s interest in blockchain innovation,” HAQQ Network’s AlHashmi told Metaverse Post. “The growth of the blockchain industry in the MENA region is fueled by a combination of factors, including proactive government regulations, international investment influx, and collaborations between traditional financial institutions and blockchain ventures.
Islamic Coin’s AlHashmi emphasized that countries like the UAE and Bahrain are stepping up with dedicated crypto regulators, strict AML laws and a move to have regional sandboxes and FinTech partnerships, all pushing for more transparent rules. Governments aim to create solid frameworks to ensure consumer safety and financial stability while ensuring the growth of crypto in the region.