Research data shows that cryptocurrency trading activity in the Middle East and North Africa has significantly increased in recent years. The Bitcoin Policy Institute estimates that the region’s annual on-chain transaction volume has risen from approximately $100 billion in 2022 to around $350 billion in 2025–2026, indicating that the region has become one of the fastest-growing cryptocurrency markets globally.
Turkey remains the largest market.
By trading volume, Turkey remains the largest crypto market in the Middle East and North Africa. The report notes that, as of mid-2025, Turkey’s annualized trading volume approached $200 billion. The lira’s persistent depreciation and inflationary pressures are cited as key reasons why local users are turning to USD-stablecoins.
The UAE processed over $56 billion in cryptocurrency transactions between 2024 and 2025, a 33% year-over-year increase. This growth was primarily driven by institutional transfers. According to the data cited in the text, USDT and USDC together accounted for approximately 30% of the UAE’s digital asset activity.
Saudi Arabia is growing the fastest but still has restrictions.
In terms of growth rate, Saudi Arabia leads the region with an annual growth rate of 154%; Qatar follows at 120%. However, the International Monetary Fund confirmed in its 2026 consultations that Saudi Arabia still officially prohibits cryptocurrency trading.
Nevertheless, Saudi Arabia’s digital asset business has not stalled. Reports indicate that approximately 93% of transaction volume comes from transfers exceeding $10,000, suggesting the market is primarily driven by institutional capital rather than retail trading. Saudi Arabia currently favors advancing its digital asset infrastructure within frameworks focused on financial stability, monetary sovereignty, and consumer protection.
Regulatory pathways continue to diverge
In 2024, Qatar launched a digital assets framework covering areas such as tokenization, custody, exchanges, transfers, and smart contracts, providing businesses with a clearer compliance pathway. In contrast to Saudi Arabia’s restrictive approach, Qatar aligns more closely with a model of establishing regulations first, then introducing business activities.
The UAE continues to strengthen its position as a regional hub for digital assets. The article notes that stablecoins have become a vital tool for local institutions connecting traditional finance with crypto networks. Across the broader Middle East and North Africa region, stablecoins currently account for 45% to 52% of all crypto activity, surpassing Bitcoin's share.
Cross-border payments and conflict factors
On the infrastructure front, Saudi Arabia joined the mBridge project, supported by the Bank for International Settlements, in 2024. The project primarily tests the application of wholesale central bank digital currencies in cross-border payments among commercial banks, reflecting Saudi Arabia’s openness to underlying digital asset infrastructure while maintaining restrictions on retail cryptocurrency trading.
The report also noted that during the Israel-Iran conflict in June 2025, Bitcoin briefly dropped approximately 2.3% to $105,200, while Ethereum fell about 7.5%. However, Bitcoin’s market share rose to 64.8% during the same period, indicating that during periods of increased market volatility, capital tends to flow toward assets with greater liquidity and stronger consensus.