The Middle East accounted for 7.5% of the global cryptocurrency transaction volume from July 2023 to June 2024, with institutional investors leading the charge by injecting $338.7 billion into the market, according to a new Chainalysis report.

Between July 2023 and June 2024, the MENA area was responsible for 7.5% of the total worldwide cryptocurrency transaction volume, according to a report published on September 25 by Chainalysis.

Middle East Takes 7.5% of Global Crypto Transactions

The bulk of the transaction volume came from institutional and professional investors, according to Chainalysis, who contributed $338.7 billion to the total value received during the period.

Approximately 93% of transactions were for $10,000 or more, surpassing even the small retail investors who made up just 1.8% of the region's total transaction volume, according to the research (via Cointelegraph).

Institutional Investors Dominate MENA Crypto Volume

Centralized exchanges dominated the region's onchain traffic. The research did mention that Saudi Arabia and the United Arab Emirates had a "high interest" in decentralized platforms, though.

The United Arab Emirates has become a major player in the cryptocurrency industry, according to Chainalysis. This is due to their progressive attitude toward digital asset technology and their clear regulations.

UAE and Saudi Arabia Fuel Crypto Adoption

The Dubai Court of First Instance accepted digital tokens as payment for legal job contracts in August 2024, ruling that cryptocurrencies are legitimate forms of payment for employment contracts.

Since the plaintiff in this case never received the EcoWatt tokens that were part of their agreed-upon monthly salary—which was payable in both fiat money and tokens—he sought redress in the court.

Dubai Court Legalizes Crypto for Employment Payments

The plaintiff was awarded monetary damages in 2023, but the court did not mandate that the payment be made in cryptocurrency. This decision was reversed in August 2024.

Virtual asset providers licensed in Dubai were granted the authority to serve the entire country in September 2024, marking another move toward digital asset adoption by the UAE's financial regulators.

According to the head of Dubai's Virtual Assets Regulatory Authority (VARA), the new collaboration with the UAE's Securities and Commodities Authority (SCA) simplifies regulation and offers thorough protections against fraud and investor risk.