The Middle East and North Africa (MENA) region has recorded rapid growth in cryptocurrency adoption. The annual on-chain transaction volume in the region has increased from around $100 billion in 2022 to an approximately $350 billion in 2026. The growth highlights the region’s expanding role in the global digital asset market. These stats have been taken from a report from the Bitcoin Policy Institute.

MENA Crypto Growth Accelerates as Saudi Arabia and Qatar Lead

As per the report, Turkey remains the largest cryptocurrency market in MENA. The annual transaction volume in Turkey is approaching $200 billion. Meanwhile, the United Arab Emirates (UAE) processed approximately $150 billion in crypto transactions in 2025.

In the same time, Saudi Arabia emerged as the fastest-growing digital asset market in the region. The cryptocurrency activity increased 154% year over year. Qatar followed with growth of 120% during the same period.

The report attributed Saudi Arabia’s strong momentum to several factors, including its young population and high smartphone penetration. Government investment in areas such as blockchain technology, central bank digital currencies (CBDCs), gaming, and fintech has also contributed to the development of the country’s digital asset ecosystem.

Bitcoin and Stablecoins Gain Traction Across MENA

Cryptocurrency usage varies significantly across MENA markets. In the UAE, Bitcoin represented approximately 38% of trading activity, while Ethereum accounted for 22%. US dollar-backed stablecoins, primarily $USDT and $USDC, represented around 30% of activity.

The report also identified a growing role for cryptocurrencies in countries experiencing economic and geopolitical pressures. Markets such as Egypt, Turkey, Lebanon, and Iran have seen increased use of Bitcoin and dollar-backed stablecoins as residents seek alternatives amid currency depreciation and sanctions.

While crypto assets can serve as a hedge against economic instability in some MENA countries, Gulf markets are developing digital assets through a more regulated approach. The UAE, Bahrain, and Saudi Arabia have established regulatory frameworks covering virtual asset service providers, tokenization, and stablecoins. These frameworks have helped attract institutional investors.

The combination of retail demand, institutional participation, and regulatory development could further strengthen MENA’s position.