MENA Crypto Volume Triples to Estimated $350 Billion
The Middle East and North Africa (MENA) region has seen its annual on-chain crypto transaction volume triple to an estimated $350 billion, according to a report from the Bitcoin Policy Institute. This represents a significant increase from approximately $100 billion in 2022.
Turkey remains the largest market by transaction value, with nearly $200 billion in annual crypto transactions. The country's prolonged inflation and weakness in the Turkish lira have contributed to demand for stablecoins, which can provide digital exposure to the U.S. dollar.
The report highlights two distinct adoption patterns: one driven by economic necessity in countries affected by inflation, capital restrictions, sanctions, or conflict; and another characterized by institutional investment in regulated financial centers like the Gulf states.