Saudi Arabia Leads MENA Crypto Growth as Regional Volume Hits $350 Billion

Crypto transaction volume in the Middle East and North Africa (MENA) has reached $350 billion annually, a significant increase from $100 billion in 2022. According to Chainalysis data, Saudi Arabia leads growth with a 154% year-over-year expansion of its crypto economy, surpassing Qatar's 120% growth rate. Turkey remains the region's largest crypto economy by transaction value, with estimated annual activity near $200 billion.

The MENA market differs from others in that institutional transfers dominate regional activity, accounting for 93% of transferred value during Chainalysis' measurement period. This is driven by large transactions worth at least $10,000, encompassing professional and institutional-sized activity. Saudi Arabia's young population, with approximately 63% under the age of 30, may contribute to its rapid growth.

The UAE has established a more developed regulatory framework for digital assets, attracting exchanges, market makers, and other businesses. Chainalysis measured over $30 billion flowing into the UAE during July 2023-June 2024, making it MENA's third-largest crypto economy at the time. Stablecoins have become increasingly popular across the region, with users in Turkey turning to dollar-denominated stablecoins as an alternative store of value and trading instrument.