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MENA Region Is World’s Fastest-Growing Crypto Market

According to a newly released report, cryptocurrency adoption is surging in the MENA region, with Egypt now home to the largest cryptocurrency industry.

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mena region is world's fastest-growing crypto market
Chainalysis

The Middle East and North Africa (MENA) have adopted cryptocurrency at a staggering rate, according to a new report by Chainalysis, with the MENA region as a whole accounting for 9.2% of global crypto transactions over the last year.

According to the research, although the MENA region is one of the smallest crypto markets, cryptocurrency growth of over $550 billion happened between July 2021 and June 2022, with three of the world’s “Top 30” countries coming from the MENA zone:

  • Turkey (12/30)
  • Egypt (14/30)
  • Morocco (24/30)

In the case of both Egypt and Turkey, unstable and rapidly devaluing fiat currencies have strengthened the appeal of crypto. Turkey made $192 billion in transactions, making it the region’s biggest player, though at a growth rate of 10.5%, the country’s crypto market didn’t expand as quickly as others.

So, which countries seem to be adopting crypto at breakneck speeds? Chainalysis found that Egypt was the MENA region’s fastest-growing, with transaction volumes leaping by over 220%. Saudi Arabia saw similar progress, with volumes increasing by 195%.

mena region yoy growth in crypto transaction volume

“Digital currencies are being used in Egypt as a way to preserve savings. Using cryptocurrencies to hedge against currency devaluation is appealing,” says Kim Grauer, Director of Research, Chainalysis.

Also Read: 3 Best Cold Storage Wallets For Crypto In 2023

In other significant news, unlike many countries, Egypt’s national bank has enthusiastically embraced crypto. It is currently in the process of building a crypto-based remittance corridor between Egypt and the UAE, as many Egyptians are based there for work.

One of the reasons crypto is surging in the MENA is down to demographics: Populations in MENA countries are young, and growth is being fueled by a class of tech-savvy early adopters with high disposable incomes. Overall though, it’s clear that with financial institutions and retail adopting the technology at a rapid pace, the future looks bright for cryptocurrency in North Africa and the Middle East.

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“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

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ai seal certification now required for dubai gov partnerships
Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.

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