According to Chainalysis, their research has shown that the United Arab Emirates is the leading market for decentralized finance in the Middle East, with the most developed ecosystem.
This is largely due to the government’s recent legislation allowing blockchain startups to operate legally and attract investment.
Other countries in the region, including Turkey, Iran, and Morocco, are also experiencing a rapid growth in their DeFi markets.
The only country that seems to be competing with the UAE in this field is Israel. Furthermore, analysts have noted a significant increase in the tokenized collections market in the Middle East and North Africa, with the NFT industry gaining more attention and investment.
As for digital assets, Tether (USDT) is the most popular cryptocurrency in the UAE and is frequently used in transactions by investors.
