Blockchain-based Finance in Emerging Markets: ICO Trends and Performance in the MENA Region

Despite growing global interest in Initial Coin Offerings (ICOs), few studies ex-amine ICOs in the Middle East and North Africa (MENA) region. This study an-alyzes ICO trends and performance in MENA from 2016 to 2020, identifying 153 ICOs across 11 countries. The UAE, Palestine, and Turkey dominated, account-ing for 90% of ICOs. Activity peaked in 2018, closely following Ethereum price trends, before declining. On average, 53% of ICO tokens were distributed public-ly, slightly above the global average (40-60%). UAE ICOs had the highest distri-bution (58%), while Palestine and Turkey averaged 49% and 52%, respectively. The average funds raised per ICO were $11.27M, with Palestine leading ($15.81M), $12.22M for UAE, and $1.85M for Turkey. MENA ICOs had a 47% success rate, with 53% failing. The UAE and Palestine emerged as key players in scale and performance. These findings provide insights for policymakers and fu-ture research on regional blockchain finance.