MENA Crypto Transaction Volume Estimated at $350 Billion, Driven by Turkey, Saudi Arabia and UAE

The Bitcoin Policy Institute estimates that on‑chain crypto transaction volume across the Middle East and North Africa (MENA) rose from roughly $100 billion in 2022 to an estimated $350 billion during the 2025‑2026 period. The report highlights two distinct adoption patterns: price‑preserving use in economies facing inflation, currency depreciation or conflict, and regulated institutional activity in Gulf financial centers.

Turkey remains the largest market by volume

Turkey accounts for the biggest share of regional activity, with an estimated annual on‑chain volume close to $200 billion. The growth is linked to prolonged inflation and weakness in the Turkish lira, prompting residents to use Bitcoin and dollar‑backed stablecoins as a hedge against local currency risk.

Gulf states show institutional expansion

Saudi Arabia and Qatar posted the highest year‑over‑year growth rates in a Chainalysis study, with 154 % and 120 % increases respectively. The Saudi market benefits from blockchain‑related research, fintech adoption, and Vision 2030 initiatives, while Qatar’s growth follows the introduction of a digital‑asset framework in the Qatar Financial Centre.

The United Arab Emirates is estimated to have processed about $150 billion in crypto transactions in 2025. The market is described as institutionally oriented, with Bitcoin representing roughly 38 % of activity, Ether 22 %, and dollar‑backed stablecoins 30 %.

Regulatory developments support stablecoin and exchange services

Dubai’s Virtual Assets Regulatory Authority and the Abu Dhabi Global Market have created separate licensing pathways for crypto activities. Recent approvals include Flowdesk’s broker‑dealer license and Kraken’s preliminary approval for institutional services in Dubai.

Bahrain introduced a Stablecoin Issuance and Offering Module in July 2025, setting reserve, redemption and governance requirements for regulated stablecoin issuers. A conversion framework linking the dirham‑backed AE Coin with the dollar‑backed USDU stablecoin has also been launched, providing an institutional settlement route.

Geopolitical and economic factors influencing demand

Currency devaluations in Egypt, Lebanon and Iran have spurred peer‑to‑peer Bitcoin trading, with Egypt reporting a more than 300 % increase after successive pound devaluations. Conflict events, such as the Israel‑Iran confrontation in June 2025, caused a temporary dip in the broader crypto market, but Bitcoin’s market dominance rose to 64.8 % as investors shifted from smaller tokens.

While the $350 billion figure reflects an estimate for the 2025‑2026 period rather than a single calendar year, the report suggests that both constrained economies and regulated Gulf markets will continue to develop along separate trajectories, contingent on future regulatory and market conditions.