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MENA’s crypto market flourishes amid challenges of Shariah compliance | Opinion

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While the West is still debating whether the crypto winter is finally over, the answer is unequivocal for the Middle East. Last month, the Sultanate of Oman announced a series of investments in mining infrastructure at almost $800 million in value, indicating Oman’s decision to join the digital arms race for control over the competitive regional landscape.

Just over two years ago, such large-scale investments would be unprecedented. Yet, it seems the markets have finally found the key to the Middle East and North Africa’s (MENA) long-standing tension with blockchain — Shariah compliance. According to a recent report by Chainalysis, MENA is the sixth largest crypto economy with an estimated $389.8 billion in on-chain value received (7.2% of global transaction volume) between July 2022 and June 2023. MENA is also home to three of the top 30 countries index: Turkey (12), Morocco (20), and Iran (28).

Cryptocurrency value received by MENA | Source: Chainalysis

Favorable regulation and early-stage investments fuel growth

MENA’s road to establishing itself as a major player in the global crypto space had a solid jumpstart. The region successfully transformed from a trend follower to a trendsetter as it enjoyed relative independence from the global financial shocks. According to Pitchbook, a research analytic firm, blockchain venture deals in the United Arab Emirates grew by more than 50% in 2022, while the overall region saw more than 111 major early-stage web3 funding rounds.

Blockchain also enjoys a favorable regulatory climate in the region. Initiatives for the digital transformation of governmental operations are embraced at the

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