Crypto transaction volume across the Middle East and North Africa (MENA) region has surged from about $100 billion in 2022 to around $350 billion in 2025–2026, according to the Bitcoin Policy Institute. Turkey remains the largest market at nearly $200 billion annually, while Saudi Arabia recorded the fastest growth at 154% year over year. The UAE and Qatar are also seeing significant increases, driven by regulation, institutional activity, stablecoin demand and economic conditions.
Key Overview
- MENA crypto transaction volume reached around $350 billion in 2025–2026.
- Turkey remains the region’s largest crypto market at about $200 billion annually.
- Saudi Arabia recorded 154% year-over-year growth.
- Qatar recorded 120% growth.
- UAE crypto transaction volume reached about $150 billion in 2025.
- 93% of transaction value in the region came from transfers of at least $10,000 during Chainalysis’ measurement period.
- Stablecoins are gaining ground against Bitcoin and Ether across major MENA markets.
MENA Crypto Market Approaches $350 Billion
The Middle East and North Africa (MENA) crypto market is experiencing rapid growth, with cryptocurrency transaction volume projected to reach around $350 billion by 2025–2026, up from approximately $100 billion in 2022, according to the Bitcoin Policy Institute.
The region is becoming one of the world’s fastest-growing cryptocurrency markets, with growth driven by regulatory developments, institutional activity, stablecoin adoption and economic conditions.
Turkey remains the region’s largest market, processing approximately $200 billion in annual cryptocurrency transaction volume. The United Arab Emirates (UAE) recorded approximately $150 billion in cryptocurrency transaction volume in 2025, while Saudi Arabia and Qatar posted some of the region’s fastest growth rates.
Saudi Arabia recorded a 154% year-over-year increase in cryptocurrency transaction volume, while Qatar recorded growth of 120%.
A January 2026 report from Fuze, a digital asset infrastructure company focused on the Middle East, estimated that crypto transactions across the region could surpass $500 billion annually. The Bitcoin Policy Institute, however, expects overall regional growth to moderate to around 33% year-over-year.
Institutional Activity Drives MENA Crypto Transactions
MENA’s cryptocurrency market differs from a predominantly retail-driven trading ecosystem.
Chainalysis found that 93% of value transferred across the region during its 2023–2024 measurement period came from transactions worth at least $10,000, encompassing professional and institutional-sized activity.
Saudi Arabia has emerged as a particularly fast-growing market, recording 154% year-over-year growth in cryptocurrency transaction volume.
The scale of larger transactions highlights the role of institutional activity in the region’s digital-asset market.
The kingdom’s young population also provides one potential adoption driver. Approximately 63% of Saudi citizens are under 30, while government investment in fintech, gaming, blockchain and digital payments has expanded the country’s exposure to emerging financial technology.
UAE Builds Regulated Digital-Asset Hub
The UAE has taken a different approach to digital assets.
Dubai’s Virtual Assets Regulatory Authority and Abu Dhabi Global Market have created dedicated regulatory structures that have attracted exchanges, market makers and other digital-asset businesses.
Chainalysis measured more than $30 billion flowing into the UAE during July 2023–June 2024, making it MENA’s third-largest crypto economy at the time.
DeFi activity received by UAE users increased 74% year over year, while decentralized-exchange activity rose 87% to approximately $11.3 billion.
The newer Bitcoin Policy Institute estimate puts UAE cryptocurrency transaction volume at about $150 billion in 2025.
Unlike countries where crypto demand is strongly linked to currency depreciation, stablecoin adoption in the UAE is more closely associated with trading, payments and access to broader crypto services.
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Turkey Remains MENA’s Largest Crypto Market
Turkey remains the largest cryptocurrency market in the region, with annual transaction volume of approximately $200 billion.
The country’s crypto activity is partly shaped by persistent inflation and depreciation of the Turkish lira. These conditions have encouraged users to turn toward dollar-denominated stablecoins as an alternative store of value and trading instrument.
The Bitcoin Policy Institute identified different factors behind cryptocurrency demand across MENA.
In countries facing conflict or currency depreciation, Bitcoin and dollar-based stablecoins can be used as stores of value. In Gulf states, clearer regulatory frameworks and broader institutional participation are supporting the region’s development as a digital-asset hub.
Stablecoins Gain Ground Across MENA
Stablecoins have become a major component of the region’s cryptocurrency growth.
Chainalysis found stablecoins and altcoins gaining share against Bitcoin and Ether, particularly in Turkey, Saudi Arabia and the UAE.
The reasons for stablecoin adoption vary between countries.
In Turkey, inflation and depreciation of the lira have encouraged demand for dollar-denominated stablecoins. In the UAE, where the dirham is already pegged to the U.S. dollar, stablecoin adoption is more closely associated with trading, payments and access to broader crypto services.
Stablecoins now rival or surpass Bitcoin in usage across much of the region, indicating a shift from experimentation toward greater reliance on digital assets for economic resilience and investment.
MENA Crypto Market Remains Fragmented
The approximately $350 billion regional figure does not represent a uniform MENA crypto market.
Turkey’s activity is partly shaped by macroeconomic conditions, while Gulf states increasingly combine institutional investment with fintech development and regulatory experimentation.
Regulation also remains fragmented.
The UAE has established some of the region’s clearest licensing structures, while Qatar introduced a digital-assets framework through the Qatar Financial Centre.
Saudi Arabia has pursued blockchain and financial-technology initiatives without establishing an equivalent comprehensive framework for cryptocurrency exchanges.
MENA nevertheless received $338.7 billion in on-chain value during Chainalysis’ July 2023–June 2024 measurement period, representing 7.5% of global crypto transaction volume.
The newer estimate approaching $350 billion reinforces the scale of the market, although differing methodologies and measurement periods mean the figures should not be treated as directly comparable annual totals.
Outlook
MENA’s crypto market is becoming increasingly significant to global digital-asset activity, with Turkey leading in absolute transaction volume, Saudi Arabia and Qatar recording rapid growth, and the UAE providing a developed regulated digital-asset hub.
The region’s trajectory is being shaped by different factors across individual markets, including stablecoin demand, currency depreciation, institutional participation and regulatory development. The Bitcoin Policy Institute expects overall regional growth to moderate to around 33% year over year, while the January 2026 Fuze estimate suggested transactions could surpass $500 billion annually.
Stablecoins, institutional-sized transactions and regulatory developments are likely to remain central features of the region’s evolving digital-asset market.
FAQs
1. How large is the MENA crypto market?
MENA’s crypto transaction volume is projected to reach around $350 billion in 2025–2026, up from approximately $100 billion in 2022.
2. Which country has the largest crypto market in MENA?
Turkey remains the region’s largest crypto market, processing approximately $200 billion in annual transaction volume.
3. Which MENA country has recorded the fastest crypto growth?
Saudi Arabia recorded the fastest growth, with cryptocurrency transaction volume increasing 154% year over year. Qatar followed with 120% growth.
4. What is driving crypto adoption across MENA?
Growth is being driven by favorable regulatory frameworks, economic instability, stablecoin demand and institutional activity. Stablecoins are also gaining share against Bitcoin and Ether across several major markets.
Sources: tangem, BigGo Finance, The Cryptonomist, FinanceFeeds, bloomingbit
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