- MENA processed about $350B in annual crypto transactions, with Turkey leading at nearly $200B and the UAE at $150B.
- Saudi Arabia recorded 154% growth, while Qatar rose 120%, driven by young populations, smartphone adoption and crypto demand.
- Currency depreciation boosted Bitcoin and stablecoin use in Egypt, Turkey, Lebanon and Iran, including a 300% rise in Egypt’s P2P volume.
The Middle East and North Africa processed about $350 billion in annual crypto transactions in 2025–2026, Bitcoin Policy Institute reported. Turkey remained the region’s largest market near $200 billion, while Saudi Arabia recorded 154% growth. The report linked rising activity to conflict, currency depreciation, regulation and institutional participation.
Conflict Shifts Crypto Use Across MENA
The Bitcoin Policy Institute said the Iran conflict changed crypto market activity across MENA in June 2025. After Israel’s first strikes, global crypto capitalization fell 3.7% to about $3.26 trillion.
Bitcoin dropped 2.3% to nearly $105,200, while Ethereum fell 7.5%. However, investors later moved from altcoins into Bitcoin, pushing Bitcoin dominance to 64.8%. Bitcoin then held between $104,000 and $106,000 during continued Israel-Iran fighting.
The report said crypto markets also remained open throughout the conflict, allowing trading during periods when traditional markets closed. Meanwhile, oil prices and inflation risks shaped investor concerns around the Strait of Hormuz.
Gulf Markets Keep Building Digital Asset Rules
The Gulf recorded continued digital asset activity despite regional tensions, according to the report. UAE-based firms maintained operations through cloud infrastructure during the conflict.
Stephen Coltman, Vice President and Head of Macro at 21shares, described the continued operation of crypto exchanges during the conflict. He said stock exchanges closed while crypto exchanges continued operating normally.
Regulation also differed across Gulf markets. The UAE and Bahrain introduced frameworks for virtual asset service providers and stablecoin activities. Dubai’s Virtual Assets Regulatory Authority updated rules covering tokenization and virtual asset activities. Bahrain also introduced its Stablecoin Issuance and Offering Module.
Saudi Arabia Records Fastest Regional Growth
Turkey remained MENA’s largest crypto market, receiving nearly $200 billion annually. The UAE followed with about $150 billion in transactions during 2025. Bitcoin represented 38% of UAE trading activity, while Ethereum accounted for 22%.
U.S. dollar-backed stablecoins, mainly USDT and USDC, represented another 30%. Saudi Arabia recorded the region’s fastest growth at 154% year over year. The report cited 97% smartphone penetration and more than 60% of citizens being under 35.
Qatar ranked second for growth at 120%. Meanwhile, Egypt, Turkey, Lebanon and Iran saw increased Bitcoin and stablecoin use amid currency depreciation. Egypt’s peer-to-peer Bitcoin trading volume rose more than 300% after successive pound devaluations.
