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Crypto market to grow in Middle East and North Africa

Friday, December 9, 2022

Significance

In the region’s distressed and dysfunctional economies, cryptocurrencies have often become a lifeline for ordinary people, despite volatile prices and a risk of theft. By contrast, Gulf governments view crypto and other virtual assets as complementary to their efforts to establish their states as global financial centres.

Impacts

  • Rulings by Islamic religious authorities discouraging or banning crypto use will dampen potential growth.
  • As criticism of the industry grows in the West and elsewhere, crypto-friendly regulations in the Gulf may attract global companies.
  • In lieu of precedents, countries pioneering crypto regulation risk adopting poor and ineffective policies.

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