Cryptocurrency transaction volume across the Middle East and North Africa has climbed toward $350 billion annually, more than tripling from roughly $100 billion in 2022 as institutional activity, stablecoin adoption and regulatory development accelerate across the region. The latest estimate, cited by the Bitcoin Policy Institute, underscores the growing importance of MENA to the global digital-asset economy.
Saudi Arabia stands out for growth rather than absolute transaction value. Chainalysis data covering July 2023 through June 2024 showed the kingdom’s crypto economy expanding 154% year over year, the fastest rate in MENA. Qatar followed with 120% growth. Turkey, however, remains the region’s largest crypto economy by transaction value, with more recent estimates putting annual activity near $200 billion.
Institutional Transfers Dominate Regional Activity
MENA’s crypto market differs significantly 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 despite lacking the comprehensive virtual-asset regulatory framework established by neighboring UAE hubs. Its young population 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.
The UAE has taken a different approach. 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.
Stablecoins Gain Ground Across MENA
Stablecoins have become another major component of the region’s growth. Chainalysis found stablecoins and altcoins gaining share against Bitcoin and Ether, particularly in Turkey, Saudi Arabia and the UAE. The reasons vary substantially by country. In Turkey, persistent inflation and depreciation of the lira have encouraged users to turn toward dollar-denominated stablecoins as an alternative store of value and trading instrument. The UAE’s dirham, by contrast, is already pegged to the U.S. dollar. Stablecoin adoption there is therefore more closely associated with trading, payments and access to broader crypto services.
Those differences demonstrate why the $350 billion regional figure should not be interpreted as evidence of one 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.
The region’s trajectory nevertheless points toward continued expansion. MENA already received $338.7 billion in onchain value during Chainalysis’s July 2023–June 2024 measurement period, representing 7.5% of global crypto transaction volume. The newer estimate approaching $350 billion reinforces that scale, although differing methodologies and measurement periods mean the figures should not be treated as directly comparable annual totals. Saudi Arabia’s 154% growth rate similarly comes from the earlier Chainalysis period rather than a newly measured 2026 increase. What the figures collectively show is a market becoming increasingly significant to global crypto activity — with Turkey leading in absolute volume, Saudi Arabia and Qatar demonstrating rapid growth, and the UAE providing the region’s most developed regulated digital-asset hub.
