Built on investor interactions with centralized exchanges, Chainalysis has come out with their crypto gains by country research. Interestingly Turkey took top place in the MENA region with gains reach close to $1billion followed by Saudi Arabia at $350 million.

As per Chainalysis, overall crypto investors achieved total gains of $37.6 billion in 2023 much lower than gains made in 2021 which reached $159.7 billion but better than 2022 which witnessed losses of $127.1 billion.

The United States led the way in cryptocurrency gains by a wide margin in 2023 at an estimated $9.36 billion. The UK placed second with an estimated $1.39 billion in crypto gains.

Then in Asia, Vietnam, China, Indonesia and India all hit over $1 billion in estimated gains placing top six for all countries.

Interestingly in MENA, Turkey saw gains of $950 million, while Saudi Arabia saw gains of $350 million. The only other MENA and GCC country on the list for top gains was UAE, which witnessed $204 million.

The findings from Turkey come at a time when more investments in the crypto space are being carried out in the country. Aquanow Türkiye, a subsidiary of Aquanow, received a strategic investment from two of Turkey’s leading portfolio management companies, Oyak Portföy and Finberg. As per the news, the investment was considered the beginning of a strategic partnership focused on developing innovative digital asset solutions for the Turkish market. Reports have indicated that Turkey is moving towards clarity around crypto regulation, with new rules expected in 2024. In December, the Turkish regulatory authority made technical appointments with experience in crypto assets and blockchain technology to the central bank’s rate-setting committee, according to a Bloomberg report.

On the contrary while Saudi Arabia saw the second biggest crypto gains in MENA region, it has yet to regulate crypto, while rumors are around that it and Qatar might be investing in Bitcoin soon.

So far, the positive trends of 2023 have carried over into 2024, with notable crypto assets like Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals and increased institutional adoption. If these trends continue, we may see gains more in line with those we saw in 2021. As of March 13, Bitcoin is up 65.4% and Ether is up 70.2% in 2024.

In the fourth annual Chainalysis Global crypto adoption index, identifying countries where the most people are putting the greatest share of their wealth into cryptocurrency, once again Morocco took lead and is listed as one of the top 20 countries placing an Arab country on the map, while Turkey placed first in the MENA region.

It seems with the bull market in full blast, the 2024 report will look even more promising.