Middle East crypto market hits $350 billion amid divergent adoption

Turkey remains the region’s dominant market by transaction value, with annual volume nearing $200 billion. Residents there and in countries like Egypt and Iran are increasingly turning to Bitcoin and dollar-backed stablecoins to preserve value against local currency depreciation and economic instability. In Egypt, peer-to-peer Bitcoin trading reportedly grew by over 300% following successive devaluations of the pound, according to the Bitcoin Policy Institute.

Contrasting this, Gulf nations are cultivating a formal institutional landscape. Saudi Arabia recorded 154% year-over-year growth, while Qatar saw a 120% increase, driven by government-backed technology programs and new digital asset frameworks. The UAE processed an estimated $150 billion in transactions during 2025, supported by the efforts of the Virtual Assets Regulatory Authority and the Abu Dhabi Global Market. While these figures suggest significant momentum, the report notes that on-chain data often reflects repeated asset movements rather than net investment gains or unique user growth.

Bahrain has further refined this institutional approach by introducing a dedicated module for stablecoin issuance and reserves in mid-2025. Despite the growth, analysts warn that these estimates rely on broad on-chain heuristics that may not fully capture the complexity of the region's diverse financial ecosystems. Future development remains tethered to evolving regulatory environments, banking access, and the transition of pilot projects into mainstream commercial use.