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Three years ago, the Middle East and North Africa processed roughly $100B in on-chain crypto transactions. That number is now closing in on $350B, according to the Bitcoin Policy Institute. And the country growing fastest might surprise you: it’s Saudi Arabia, not the flashier crypto hubs of Dubai or Abu Dhabi.
Saudi Arabia is posting a 154% annual growth rate in crypto transaction volume. The kingdom’s activity is overwhelmingly institutional, with 93% of transaction volume coming from transfers exceeding $10,000.
Turkey leads in volume, Saudi Arabia in velocity
For all of Saudi Arabia’s rapid ascent, Turkey still dominates in raw numbers. Turkish crypto transaction volume is approaching $200B annually, making it the single largest market in the MENA region by a wide margin.
The Turkish lira has been in a prolonged depreciation spiral, pushing residents toward dollar-denominated stablecoins as a practical store of value. Egypt faces similar dynamics, where local currency instability has nudged everyday users toward crypto rails.
The UAE’s transaction volume is approaching $53B annually by 2025, driven largely by institutional capital and a regulatory environment that has been deliberately designed to attract crypto businesses. Dubai’s VARA framework and Abu Dhabi’s ADGM have become reference points for other jurisdictions trying to figure out how to regulate digital assets.
Chainalysis data covering July 2023 through June 2024 pegged MENA’s total crypto transaction value at $338.7B, a figure that serves as a useful benchmark against the Bitcoin Policy Institute’s forward-looking $350B estimate.
Stablecoins are the region’s preferred crypto product
One of the more telling details in the data: stablecoins now account for roughly 45% to 52% of all crypto activity across MENA, outpacing Bitcoin’s share of regional volume.
Saudi Arabia’s profile is particularly distinct. The 93% institutional transaction share suggests that the kingdom’s crypto growth is being driven by large players rather than retail traders.
Demographics and regulation are doing the heavy lifting
Regulatory momentum has been a critical catalyst. The UAE was an early mover, but Saudi Arabia, Bahrain, and Qatar have all taken steps toward establishing clearer frameworks for digital asset activity.
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 $500B annually. The Bitcoin Policy Institute notes that overall growth in the region is expected to moderate to around 33% year-over-year.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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