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

Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund
Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund In mid-November, a filing registered with the U.S. Securities and Exchange Commiss
Avalanche Sees Surge in BTC Bridged to Its Network With Over $44 Million in Bitcoin Ported on Thursday
Avalanche Sees Surge in BTC Bridged to Its Network With Over $44 Million in Bitcoin Ported on Thursday According to statistics, the number of bitcoin bridged to the Avalanche block
Ledger hardware wallet expands crypto buying options with Uphold’s Topper
Helen Partz9 hours agoLedger hardware wallet expands crypto buying options with Uphold’s TopperTopper’s on-ramp entrance to Ledger Live comes at a time when Ledger supports only one off-ramp solution.4333 Total views
The New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars
The New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars The prominent rap stars Eminem and Snoop Dogg released a new music video that showcases the Bored Ape Yacht Cl
Cardano Hits 2-Year High Of $0.97, Analyst Bullish On $1 Target For The Weekend
Este artículo también está disponible en español. Cardano (ADA) has had one of the best performances over the last three weeks, surging over 200% toward a 2.5-year high.
Canadian Crypto Exchange Sues Users for Return of Bitcoin Misappropriated During Software Glitch
Canadian Crypto Exchange Sues Users for Return of Bitcoin Misappropriated During Software Glitch Canadian crypto exchange Coinberry, part of Kevin O’Leary’s Wonderfi,
Darknet Markets Generated $1.7 Billion in Crypto Revenue in 2020 — Set a New Record
Darknet Markets Generated $1.7 Billion in Crypto Revenue in 2020 — Set a New Record Darknet market revenues hit a new all-time high in 2020, despite declining
Market Update: Bitcoin Price Hits New All-Time High Over $20k
Market Update: Bitcoin Price Hits New All-Time High Over $20k The price of bitcoin surpassed its all-time high touching $20,800 on Wednesday morning (EST). At th
Fox, Time use blockchain to combat fake news
Josh O"Sullivan10 hours agoFox, Time use blockchain to combat fake newsFox’s Verify protocol is set to transition to its own zero-knowledge blockchain, enabling developers to create authentically provable projects and
Putin Obliges Election Candidates to Report Crypto Holdings Outside Russia
Putin Obliges Election Candidates to Report Crypto Holdings Outside Russia President Vladimir Putin has approved amendments to his own decree requiring Russian citizens running for
Basel Committee Finalizes Rules for Bank Exposure to Cryptocurrency Assets
Basel Committee Finalizes Rules for Bank Exposure to Cryptocurrency Assets The Basel Committee, the organization in charge of setting global bank standards, has finalized its new r
Pantera Capital on Bitcoin: We’re in Next Bull Market Cycle
Pantera Capital on Bitcoin: We"re in Next Bull Market Cycle Crypto-focused investment firm Pantera Capital says bitcoin has seen its lows and “we’re in the next bull