Research data indicates that crypto transaction activity in the Middle East and North Africa region has significantly increased in recent years. Bitcoin Policy Institute estimates that the annualized on-chain transaction volume in the region has risen from approximately $100 billion in 2022 to around $350 billion between 2025 and 2026, indicating that this region has become one of the fastest-growing crypto markets in the world.
Turkey remains the largest market.
In terms of transaction volume, Turkey remains the largest cryptocurrency market in the Middle East and North Africa. Reports indicate that by mid-2025, Turkey's annual transaction volume was close to 200 billion US dollars. The continuous depreciation of the lira and inflationary pressures are considered to be important reasons why local users are turning to US dollar-stabilized cryptocurrencies.
The UAE processed over $56 billion in crypto transactions between 2024 and 2025, representing a year-on-year increase of 33%. This growth was mainly driven by institutional transfers. According to the data cited in the text, USDT and USDC together account for approximately 30% of the UAE's digital asset business activities.
Saudi Arabia has the fastest growth rate, but there are still limitations.
In terms of growth rate, Saudi Arabia ranks first in the region, with an annual growth rate of 154%; Qatar follows behind with 120%. However, during consultations in 2026, the International Monetary Fund confirmed that Saudi Arabia still officially prohibits cryptocurrency transactions.
Nevertheless, Saudi Arabia's digital asset business has not stagnated. Reports indicate that approximately 93% of the transaction volume comes from transfers of over $10,000 each, suggesting that the market is primarily driven by institutional funds rather than retail transactions. Saudi Arabia currently prefers to advance the construction of digital asset infrastructure within a framework of financial stability, monetary sovereignty, and consumer protection.
Regulatory approaches continue to diverge
Qatar launched a digital assets framework in 2024, covering areas such as tokenization, custody, exchanges, transfers, and smart contracts, providing businesses with a clearer compliance path. Compared to Saudi Arabia's restrictive approach, Qatar follows a model of establishing rules before introducing services.
The UAE continues to strengthen its position as a regional digital asset hub. The article mentions that stablecoins have become an important tool for local institutions to connect traditional finance with the crypto network. Looking at the entire Middle East and North Africa region, stablecoins currently account for about 45% to 52% of all crypto activities, exceeding the proportion of Bitcoin.
Cross-border payments and conflict factors
In terms of infrastructure, Saudi Arabia joined the mBridge project supported by the Bank for International Settlements in 2024. This project mainly tests the application of wholesale central bank digital currencies in cross-border payments among commercial banks, reflecting Saudi Arabia's openness to the underlying infrastructure for digital assets, but it still maintains restrictions on retail crypto transactions.
The report also mentioned that during the conflict between Israel and Iran in June 2025, Bitcoin fell by about 2.3% to $105,200, while Ethereum fell by about 7.5%. However, Bitcoin's market share rose to 64.8% during the same period, indicating that when market volatility increases, funds tend to flow towards assets with greater liquidity and consensus.
