MENA cryptocurrency market reaches $350 billion in annual transactions

The Middle East and North Africa (MENA) region is experiencing rapid growth in the cryptocurrency market, with annual on-chain transaction volumes estimated to reach approximately $350 billion. This represents a significant increase from roughly $100 billion in 2022.

Market drivers vary by nation. In Turkey, which remains the largest market in the region with annual transactions approaching $200 billion, citizens increasingly use Bitcoin and dollar-pegged stablecoins to preserve purchasing power against local currency depreciation and high inflation. Similarly, in Egypt, individual Bitcoin transactions have surged following the devaluation of the pound.

In contrast, growth in Gulf Cooperation Council (GCC) nations is driven by institutional participation and regulatory frameworks. Saudi Arabia recorded the highest growth rate in the region at 154% year-on-year, characterized by large-scale transactions where 93% exceed $10,000. The United Arab Emirates is also a major hub, with an estimated $53 billion in annual transactions supported by regulatory bodies like the Dubai Virtual Assets Regulatory Authority (VARA).

Stablecoins play a critical role across the region, accounting for an estimated 45% to 52% of total cryptocurrency transactions, often surpassing the share of Bitcoin. Analysts suggest that while the market is expanding, the annual growth rate may eventually normalize to around 33%.