MENA Crypto Transaction Volume Reaches $350 Billion, Driven by Saudi Arabia's Growth

The Middle East and North Africa (MENA) region has seen its crypto transaction volume surge to approximately $350 billion, a significant increase from around $100 billion just three years ago. This growth is largely attributed to Saudi Arabia, which has experienced a remarkable 154% annual growth rate in crypto transactions, primarily driven by institutional activity.

While Saudi Arabia leads in growth velocity, Turkey remains the largest market in the region by transaction volume, nearing $200 billion annually. The depreciation of the Turkish lira has prompted many residents to turn to dollar-denominated stablecoins as a means of preserving value. Egypt is facing similar challenges, with local currency instability pushing users towards cryptocurrency.

In the UAE, transaction volume is projected to approach $53 billion annually by 2025, supported by a favorable regulatory environment aimed at attracting crypto businesses. The regulatory frameworks established in Dubai and Abu Dhabi have become models for other jurisdictions in the region. Notably, stablecoins have emerged as the preferred crypto asset in MENA, accounting for 45% to 52% of all crypto activity, surpassing Bitcoin's share.

As regulatory clarity continues to develop in countries like Saudi Arabia, Bahrain, and Qatar, the region's crypto market is expected to grow further. A report from Fuze anticipates that crypto transactions in MENA could exceed $500 billion annually by January 2026, although growth rates are expected to moderate to around 33% year-over-year.

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Source: KLEA News