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The Middle East and North Africa has recorded a sharp expansion in on-chain crypto activity, with estimated annual transaction volume rising from about $100 billion in 2022 to roughly $350 billion across 2025–2026, according to a Bitcoin Policy Institute report published September 4, 2026.
The MENA crypto volume surge highlights two very different forces driving adoption across the region. In countries dealing with inflation, currency depreciation, sanctions or conflict, Bitcoin and dollar-backed stablecoins are increasingly being used to preserve value and move funds.
At the same time, Gulf economies such as the United Arab Emirates, Saudi Arabia, Qatar and Bahrain are developing regulated digital-asset markets designed to attract institutions, exchanges and blockchain businesses.
The rise in MENA crypto volume has occurred against a backdrop of significant economic and geopolitical pressure. Turkey, Egypt, Lebanon and Iran have experienced currency instability that has encouraged some users to seek alternatives to traditional financial assets.
The Bitcoin Policy Institute says the region’s annual on-chain transaction activity has climbed substantially since 2022. However, the report cautions that the estimated $350 billion figure should not be interpreted as confirmed investment inflows or as a measure of investor profits.
On-chain transaction volume can include transfers between exchange-controlled wallets and repeated movements of the same assets. As a result, the figure provides an indication of blockchain activity rather than a direct measure of how much fresh capital entered MENA markets.
The institute’s report describes MENA as one of the fastest-growing cryptocurrency regions globally. It attributes the expansion to a combination of macroeconomic pressures, government-led technology programs and increasing institutional participation.
A larger MENA crypto volume does not automatically mean that regional investors are accumulating Bitcoin, Ethereum or other digital assets for long-term investment.
Turkey remains the largest market in MENA by transaction value, with the Bitcoin Policy Institute estimating annual crypto activity at nearly $200 billion.
The country’s prolonged inflation and weakness in the Turkish lira have helped sustain demand for cryptocurrencies, particularly dollar-linked stablecoins.
The role of stablecoins is particularly relevant because they can provide digital exposure to the U.S. dollar without requiring users to hold physical dollars. However, investors also face risks associated with issuers, exchanges, custody arrangements and regulation.
Earlier Chainalysis research similarly identified Turkey as the largest crypto market in MENA. Its 2024 regional analysis estimated that the country received $136.8 billion in crypto value between July 2023 and June 2024.
Chainalysis also reported that stablecoins represented a significant part of Turkish crypto activity amid persistent inflation.
Egypt provides another example of crypto adoption responding to monetary pressure. The Bitcoin Policy Institute report says peer-to-peer Bitcoin trading increased by more than 300% following successive devaluations of the Egyptian pound.
While economic instability is helping drive grassroots crypto adoption in some countries, Gulf economies are pursuing a different strategy.
The UAE has developed itself as one of the region’s leading digital-asset centers. The Bitcoin Policy Institute estimates that the country processed approximately $150 billion in cryptocurrency transactions during 2025.
Bitcoin represented an estimated 38% of activity, Ethereum 22%, while dollar-backed stablecoins accounted for about 30%. The UAE’s approach is centered on regulation and institutional participation.
Dubai’s Virtual Assets Regulatory Authority oversees eligible virtual-asset activities, while Abu Dhabi Global Market maintains a separate financial-services framework. The Central Bank of the UAE also oversees payment-token services.
Chainalysis has previously identified the UAE as one of MENA’s more diversified crypto markets, with activity spanning centralized exchanges, decentralized finance and institutional participation.
The firm reported that DeFi value received in the UAE grew substantially during its 2024 measurement period.
Greater participation from banks, investment firms and regulated platforms could deepen liquidity while also increasing the importance of compliance and investor protections.
Saudi Arabia recorded the fastest growth rate highlighted in the report, with activity increasing 154% year over year, while Qatar followed with 120%.
The figures, however, originate from Chainalysis research published in 2024 and should not be interpreted as newly measured 2026 growth rates.
Saudi Arabia’s expanding blockchain and fintech ambitions are tied to its broader economic diversification strategy. Its young population, high smartphone penetration and government investment in emerging technologies provide conditions that could support further digital-asset adoption.
Qatar has also moved toward a more structured digital-asset environment through its Qatar Financial Centre framework, which establishes rules for areas including tokenized assets and digital infrastructure.
Bahrain has taken another regulatory route. Its central bank introduced a Stablecoin Issuance and Offering Module in 2025 covering areas such as reserves, redemption, governance, disclosure and supervision.
Emerging-market users may continue turning to Bitcoin and stablecoins as protection against currency instability, while Gulf markets are positioning themselves as regulated gateways for institutional capital, tokenization and blockchain businesses.
The more important questions concern the quality of that activity, the regulatory frameworks supporting it, institutional participation and whether current blockchain initiatives translate into sustainable commercial markets.
The estimated $350 billion figure consequently represents a significant signal of regional crypto activity, but it should be treated as an estimate rather than a definitive measure of money flowing into digital assets.
MENA crypto volume is expanding, but investors will need to distinguish genuine adoption from repeated on-chain transfers and assess each country’s regulatory and economic conditions separately.
The next phase of MENA crypto volume growth could ultimately depend on whether the region can combine consumer demand with institutional infrastructure and clear regulation.
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