Cryptocurrency experts name the country that supports cryptocurrencies the most

According to a new industry report by Chainalysis, Saudi Arabia leads all regional crypto economies in terms of transaction growth over the past year, from July 2022 to June 2023.

Chainalysis analysts cited data showing that from July to June, the volume of cryptocurrency transactions in the kingdom grew by 12%, reaching almost $ 31 billion. The ranking is followed by Vietnam (11.6%), Nigeria (9%), and Spain (6.9%). According to the analysis of the Gulf crypto industry development prospects for 2023, the United Arab Emirates cryptocurrency market regulators have provided fintech companies with a more friendly regulatory environment for development.

It is the loyalty of regulators that has ensured high rates of crypto asset adoption and attracted investors. According to the Crypto Wealth Report by Henley & Partners, about 35% of the UAE population invests in cryptocurrencies. Experts reported that over the past year, the digital asset market of the Middle East and North Africa (MENA) attracted more than $ 566 billion in cryptocurrencies, which is 48% more than a year earlier. Navin Gupta, Managing Director of Ripple in the MENA region, said that the regulation of the cryptocurrency industry is much more progressive than in the United States.

As a reminder, Forex Suggest researchers have recently published a report that describes the countries that are best prepared to accept cryptocurrencies. Experts studied the ways of digital assets distribution using statistics on bitcoin ATMs, the number of businesses, accessibility, and legality of virtual coin transactions. Hong Kong, Switzerland, the United States, Georgia, Slovenia, Canada, Australia, Germany, Bulgaria, and Panama became the leaders in 2023.