Saudi Arabia Emerges as the Fastest-Growing Crypto Market in MENA

Saudi Arabia has cemented its position as the fastest-growing economy in the Middle East and North Africa (MENA) for cryptocurrency transfers, recording an impressive 154% year-on-year growth between July 2023 and June 2024, according to a report by Chainalysis, a global blockchain analytics firm.

According to the reports of Leaders team, the Kingdom now ranks 41st globally in the Crypto Adoption Index, which measures activity across four key sub-indices. Notably, Saudi Arabia ranked 3rd worldwide in decentralized finance (DeFi) transfers by individuals, with 17.5% of all crypto funds received falling under this category.

The rapid adoption of cryptocurrencies in Saudi Arabia is fueled by its youthful population—63% of whom are under 30—and the government’s strategic focus on digital economy transformation.

As per the sources of Leaders team, institutional players like Goldman Sachs and Rothschild have also expanded operations in Riyadh, signaling growing confidence in the country’s financial ecosystem.

In regional comparisons, Qatar ranked second with a 120% growth rate, while the UAE demonstrated balanced progress across centralized and decentralized platforms, aided by its advanced regulatory framework.

Saudi Arabia’s growing embrace of cryptocurrencies highlights its forward-thinking approach to innovation, setting a benchmark for digital transformation in MENA and positioning itself as a leader in blockchain and decentralized finance technologies.