Annual onchain cryptocurrency volume across the Middle East and North Africa has climbed to roughly $350 billion, more than three times the approximately $100 billion recorded in 2022, according to a September analysis from the Bitcoin Policy Institute. The expansion is being driven by two distinct models: defensive retail adoption in economies with weak currencies, and institutional, regulation-led infrastructure building in the Gulf.
Turkey remains the largest regional market with nearly $200 billion in annual transaction value, while Saudi Arabia is growing fastest at 154% year over year, followed by Qatar at 120%. The UAE processed approximately $150 billion in crypto transactions during 2025. The region now counts more than 34.8 million active crypto users, and stablecoins represent between 45% and 52% of all activity, ahead of Bitcoin in several markets.
The report highlights a widening divide. In Turkey, Egypt, Lebanon and Iran, households are using Bitcoin and US dollar-backed stablecoins as alternative savings and transfer rails amid currency depreciation and geopolitical instability. Egypt's peer-to-peer Bitcoin trading volume rose more than 300% after successive devaluations of the Egyptian pound. In the Gulf, adoption is increasingly tied to corporate mandates, tokenization projects, central bank digital currency pilots and formal regulatory frameworks.
During the June 2025 Israel-Iran escalation, Bitcoin initially dropped about 2.3% to $105,200 as broader crypto markets fell 3.7%, but later stabilized around $104,000–$106,000 as capital rotated toward Bitcoin and BTC dominance hit 64.8%. The institute noted that crypto's 24/7 market structure allowed repositioning while traditional markets were closed, reinforcing its role as an operational alternative in the region.
In the UAE, Bitcoin represented about 38% of trading activity, Ethereum 22%, and U.S. dollar-backed stablecoins such as USDT and USDC about 30%. Federal Decree-Laws 32 and 33 of 2025 took effect on January 1, 2026, replacing the Securities and Commodities Authority with a new Capital Market Authority and bringing virtual assets under federal capital-markets law. Standard Chartered launched institutional spot trading for Bitcoin and Ether from its Dubai branch, and Zand Bank received central bank approval for a regulated dirham-backed multichain stablecoin.
In Saudi Arabia, transfers above $10,000 account for 93% of transaction volume, underlining institutional rather than retail dominance. Goldman Sachs and Rothschild are building tokenization pipelines, the Saudi Central Bank is linking domestic lenders through blockchain-based settlement, and large enterprises hold about 70% of the Saudi blockchain market. The Bitcoin Policy Institute argues the next test is whether transaction growth converts into durable market infrastructure, including institutional custody, tokenization, stablecoin settlement and regulated trading venues.
