Crypto Transactions Approach $350B in MENA Region

Saudi Arabia is rapidly emerging as one of the Middle East and North Africa’s (MENA) most dynamic crypto markets, with transaction activity expanding far faster than in several of the region’s better-known digital asset centers.

Data cited by the Bitcoin Policy Institute (BPI) shows that cryptocurrency transactions across MENA have climbed from approximately $100 billion three years ago to a level approaching $350 billion. Saudi Arabia has recorded the fastest expansion in the region, with annual transaction volume rising by 154%.

Large transactions dominate the Saudi market, with transfers worth more than $10,000 accounting for 93% of total volume. The figures indicate that institutional participants and other large-scale investors are playing a much greater role than smaller retail traders.

Saudi Arabia’s rapid growth, however, has not made it the region’s biggest crypto market. Turkey remains firmly ahead in terms of overall transaction value, with annual activity nearing $200 billion.

The prolonged decline of the Turkish currency, the lira, has encouraged residents to use dollar-linked stablecoins as an alternative means of preserving purchasing power. Similar pressures are visible in Egypt, where currency volatility has also contributed to greater interest in digital assets and blockchain-based payment channels.

The United Arab Emirates continues to occupy an important position in the regional market. Its crypto transaction volume is expected to approach $53 billion annually by the end of 2026, supported by institutional investment and policies intended to bring digital asset companies into the country.

Regulatory initiatives in Dubai and Abu Dhabi have helped establish the UAE as a regional model for crypto oversight. The Virtual Assets Regulatory Authority in Dubai and the Abu Dhabi Global Market have developed frameworks that other jurisdictions can examine as they establish their own approaches to digital assets.

Chainalysis figures show that MENA recorded nearly $339 billion in crypto transaction value between mid-2023 and mid-2024. That result broadly aligns with the BPI’s estimate of roughly $350 billion.

Stablecoins have also become central to regional activity. They represent approximately 52% of crypto transactions across MENA, giving them a larger share of activity than Bitcoin.

Saudi Arabia’s institutional-heavy market could become increasingly important as governments across the region introduce clearer rules. Qatar and Bahrain, alongside the UAE and Saudi Arabia, have developed regulatory structures for digital assets.

A report by Fuze projected that annual cryptocurrency transactions across MENA could eventually exceed $500 billion. Even so, the BPI expects the region’s pace of expansion to ease, forecasting growth of about 33% annually.

Major exchanges like Coinbase Global Inc. (NASDAQ: COIN) could be eyeing the MENA region as an additional growth driver they can leverage over the coming years given the volume of transactions that are taking place there.

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