MENA crypto transaction volume reaches $350B, led by Saudi Arabia's 154% annual growth

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.

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.