MENA Crypto Market Surges Past $350 Billion Amid Regulatory Divergence
The Middle East and North Africa (MENA) region has experienced rapid growth in its cryptocurrency market, with on-chain transaction volume surging from $100 billion in 2022 to approximately $350 billion by 2025-2026. This growth is not evenly distributed, with Saudi Arabia leading the pack at 154% year-over-year, while Qatar follows closely behind with a 120% increase.
Turkey remains the largest market in MENA by transaction value, processing nearly $200 billion annually through mid-2025. The UAE handled more than $56 billion in crypto volume during 2024-2025, a 33% jump driven largely by institutional transfers.
Saudi Arabia's growth is notable despite its ban on cryptocurrencies, which remains in place even as the kingdom builds institutional digital-asset infrastructure through projects like the BIS-backed mBridge initiative. This approach allows for controlled engagement with digital assets while keeping retail trading off-limits.