MENA Crypto Transaction Volume Hits $350B as Saudi Arabia Leads Growth

TLDR:

• MENA crypto transaction volume reached about $350B by 2025–2026, rising from roughly $100B recorded in 2022.
• Saudi Arabia led regional crypto growth at 154% YoY, ahead of Qatar’s 120% increase during the period.
• Turkey led MENA by transaction value, processing nearly $200B in annual crypto activity through mid-2025.
• The UAE handled more than $56B in 2024–2025 crypto volume, with activity rising 33% from the prior period.

Crypto activity across the Middle East and North Africa has expanded sharply, with annual on-chain transaction volume reaching about $350 billion by 2025–2026. The Bitcoin Policy Institute says that figure has climbed from roughly $100 billion in 2022, reflecting stronger investment activity and wider digital-asset use.

Saudi Arabia has emerged as the fastest-growing market in MENA, recording 154% year-over-year growth, while Qatar followed with a 120% increase. Turkey remains the regional leader by transaction value, processing nearly $200 billion annually despite faster growth elsewhere.

Saudi Arabia Leads MENA Crypto Growth as Turkey Tops $200B

The growth figures show that crypto expansion across MENA is not concentrated in a single market or driven by one adoption model. Instead, Gulf investment, inflation pressures, regulation, and cross-border activity are shaping different markets.

Saudi Arabia’s 154% growth rate came from Chainalysis data covering July 2023 through June 2024. That expansion coincided with broader investment in fintech, blockchain infrastructure, and digital payments.

Source: Chainalysis

However, higher transaction activity has not translated into unrestricted cryptocurrency regulation. The IMF said in its 2026 consultation that cryptocurrencies remain prohibited in Saudi Arabia.

Authorities are instead developing a digital-asset strategy focused on financial stability, monetary sovereignty, consumer protection, and market integrity. At the infrastructure level, Saudi Arabia joined the BIS-backed mBridge project in 2024.

The project tests wholesale central bank digital currencies for cross-border payments between commercial banks. Qatar has, however, taken a more formal regulatory path. Its Qatar Financial Centre introduced a Digital Assets Framework in 2024 covering tokenization, custody, exchanges, transfers, and smart contracts.

Turkey remains substantially larger by transaction value. Chainalysis placed the country near $200 billion annually through mid-2025, making it MENA’s biggest crypto market. Persistent lira depreciation and inflation have helped support cryptocurrency demand as residents seek alternative investments and ways to preserve purchasing power.

Gulf Regulation and Stablecoins Reshape Regional Crypto Activity

The UAE represents another model built around institutional participation and regulated digital-asset businesses. Chainalysis measured more than $56 billion in transactions during 2024–2025, up 33%.

Large institutional transfers accounted for much of that increase. Meanwhile, the Bitcoin Policy Institute estimated the UAE market at approximately $150 billion using a different methodology.

That difference highlights a major limitation when comparing regional totals. Chainalysis previously measured $338.7 billion across MENA between July 2023 and June 2024. It later reported regional volume above $500 billion for the year ending June 2025.

Consequently, the $350 billion estimate should be viewed within its specific methodology. Asset composition also differs across Gulf markets. Bitcoin accounts for an estimated 38% of UAE activity, while Ethereum represents 22%, according to BPI data.

USDT and USDC together account for another 30%, showing the significant role of dollar-linked stablecoins in regional digital-asset activity. Broader geopolitical pressures have also influenced trading behavior.

During the June 2025 Israel-Iran conflict, Bitcoin fell about 2.3% to $105,200. Ether declined 7.5%, while Bitcoin later stabilized between $104,000 and $106,000. Its market dominance increased to 64.8% during the same period.

The data shows a MENA crypto market expanding through several distinct channels. Saudi Arabia leads percentage growth, Turkey dominates transaction value, while Gulf regulation supports institutional participation.

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