Fun

Middle East accounts for 7.5% of global crypto volume — Chainalysis

News Feed - 2024-09-27 02:09:12

Vince Quill7 hours agoMiddle East accounts for 7.5% of global crypto volume — ChainalysisAccording to the World Bank, less than 50% of adults in the Middle East and North Africa region had access to adequate banking services.974 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAccording to a Sept. 25 Chainalysis report, the Middle East and North Africa region (MENA) accounted for 7.5% of all cryptocurrency transaction volume globally between July 2023 and June 2024.


Chainalysis estimates the total value received during the period to be $338.7 billion, with the vast majority of the transaction volume coming from institutional and professional investors.


According to the report, an estimated 93% of transactions were for $10,000 or more — dwarfing small retail investors, who accounted for a tiny 1.8% of all transaction volume in the region.Breakdown of value received in the Middle East and North Africa region by transaction size. Source: Chainalysis


Onchain traffic in the region was primarily conducted through centralized exchanges. However, the report also noted the United Arab Emirates and Saudi Arabia’s “high interest” in decentralized platforms.


Related:Bybit eyes Muslim investors with Shariah-compliant crypto accountThe United Arab Emirates becomes a global crypto hub


Chainalysis highlighted the United Arab Emirates’ emergence as a global crypto hub — primarily driven by regulatory clarity and a forward-looking stance on digital asset technology.


In August 2024, the Dubai Court of First Instance ruled that cryptocurrencies are valid payments for employment contracts and recognized that employees have a right to collect digital tokens stipulated in legal work agreements.


The plaintiff in the case, who agreed to a monthly salary stipulated in both fiat currency and EcoWatt tokens, did not receive the tokens from the employer and instead turned to the court for relief.


In 2023, the court ruled that the plaintiff was owed monetary damages but did not force the payment to be denominated in crypto — a position overturned in the August 2024 ruling.UAE year-over-year growth in value received by investor class. Source: Chainalysis


In September 2024, financial regulators in the UAE took another step toward embracing digital assets by allowing virtual asset providers licensed in Dubai to service the entire country.


The chairman of Dubai’s Virtual Assets Regulatory Authority’s (VARA) executive board said the organization’s new partnership with the UAE’s Securities and Commodities Authority (SCA) streamlines the regulatory process and provides comprehensive assurances against investor risk and fraud.


More recently, the Central Bank of the United Arab Emirates approved a custodial insurance product that would protect financial institutions and their clients from losses resulting from hacks, internal fraud and damage to storage infrastructure.


Magazine:Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide# Blockchain# UAE# Middle East# Adoption# Dubai# RegulationAdd reaction

News Feed

Binance exec legal battle escalates amid US-Nigeria tug of war
Amaka Nwaokocha1 hour agoBinance exec legal battle escalates amid US-Nigeria tug of warIn a statement to the press, Gambaryan’s wife expressed her confusion about why the Economic and Financial Crimes Commission will n
Brazilian Development Bank Launches Blockchain Network
Brazilian Development Bank Launches Blockchain Network The Brazilian Development Bank has officially launched the Brazilian Blockchain Network, a structure designed to aid other in
Cointelegraph Research6 hours agoLiquidation cascade puts crypto market into shock: ReportVenture capital inflows decreased 42.7% as derivatives saw one of the largest liquidation events in crypto.1554 Total views5 Total
Terraform Labs was ‘built on lies’ — SEC at trial
Turner Wright5 hours agoTerraform Labs was ‘built on lies’ — SEC at trialThe civil trial between the U.S. Securities and Exchange Commission and Terraform Labs entered its tenth day without the attendance of Do Kwo
LBank Exchange Will List MintMe․com Coin (MINTME) on June 22, 2022
LBank Exchange Will List MintMe․com Coin (MINTME) on June 22, 2022 press release PRESS RELEASE. INTERNET CITY, DUBAI, Jun. 21, 2022 – LBank Exchange, a global digital asset
Sam Altman pushes ChatGPT mass adoption among Fortune 500 companies: Report
Savannah Fortis10 hours agoSam Altman pushes ChatGPT mass adoption among Fortune 500 companies: ReportOpenAI CEO Sam Altman hosted hundreds of executives from Fortune 500 companies to pitch AI services to diversify reven
Gareth Jenkinson38 minutes ago99% of Nigerians are crypto aware — ConsenSys reportA survey featuring respondents from all seven continents suggests that Nigeria has the most crypto-aware population globally.223 Total v
The Legends of Bezogia Blockchain NFT Rental MMO Game Takes Gaming Industry by Storm
The Legends of Bezogia Blockchain NFT Rental MMO Game Takes Gaming Industry by Storm sponsored The Legends of Bezogia, the land where everything always goes up, is a massive open-wo
Ariva Wonderland to Revolutionise Tourism Thanks to the Metaverse, Crypto and VR
Ariva Wonderland to Revolutionise Tourism Thanks to the Metaverse, Crypto and VR press release PRESS RELEASE. One of the most trending topics as of late is the metaverse and more sp
Hermi De Ramos13 hours agoUAE emirate launches new free zone for digital assets, Web3 and AIRas Al Khaimah, known for its rich cultural sites, is turning to the digital assets sector to diversify its economy away from tr
Bitcoin Stock To Flow Model Reveals $500,000 Price Target
Este artículo también está disponible en español. According to data from CoinMarketCap, Bitcoin (BTC) has gained by 0.66% in the past 24 hours with its market price now h
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments Central Bank of Russia is now working with commercial banks in order to delay