Cryptocurrency transaction volume across the Middle East and North Africa has expanded sharply, reaching about $350 billion by 2025–2026, according to data from the Bitcoin Policy Institute and Chainalysis. This marks a substantial increase from roughly $100 billion recorded in 2022.
Saudi Arabia has emerged as the fastest-growing market in the region, recording 154% year-over-year growth between July 2023 and June 2024. Qatar followed with a 120% increase during the same period. However, Turkey remains the largest market by transaction value, processing nearly $200 billion annually through mid-2025.
Varied Regulatory Approaches Across the Region
Crypto expansion across MENA is shaped by different adoption models rather than concentrated in a single market. Gulf investment, inflation pressures, regulation, and cross-border activity are driving growth in distinct ways across countries.
Despite robust transaction activity, Saudi Arabia continues to prohibit cryptocurrencies, according to the International Monetary Fund's 2026 consultation. Instead, authorities are developing a digital-asset strategy focused on financial stability, monetary sovereignty, consumer protection, and market integrity. Saudi Arabia joined the BIS-backed mBridge project in 2024, which tests wholesale central bank digital currencies for cross-border payments between commercial banks.
Qatar has 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.
Institutional Activity and Stablecoin Dominance
The United Arab Emirates represents a market built around institutional participation and regulated digital-asset businesses. Chainalysis measured more than $56 billion in transactions during 2024–2025, up 33% from the prior period, with large institutional transfers accounting for much of that increase.
Asset composition varies across Gulf markets. In the UAE, Bitcoin accounts for an estimated 38% of activity, while Ethereum represents 22%. Stablecoins—primarily USDT and USDC—together account for approximately 30% of regional digital-asset activity, demonstrating the significant role of dollar-linked cryptocurrencies in the market.
Turkey's robust crypto demand has been supported by persistent lira depreciation and inflation, with residents seeking alternative investments and ways to preserve purchasing power.
