On-chain Cryptocurrency Trading Volume in the Middle East and North Africa Increases to $350 Billion
The annual on-chain cryptocurrency trading volume in the Middle East and North Africa is expected to rise from approximately $100 billion in 2022 to around $350 billion by 2025-2026. According to a report by the Bitcoin Policy Institute, the Iran conflict, currency devaluation, and regulatory adjustments in Gulf countries are promoting the use of digital assets. Turkey has emerged as the largest market with an annual trading volume of about $200 billion, while the UAE is projected to handle around $150 billion in transactions by 2025. Saudi Arabia is recognized as the fastest-growing market, with a 154% increase year-on-year, and Qatar recorded a growth of 120%. Countries like Egypt, Turkey, Lebanon, and Iran are using Bitcoin and dollar-based stablecoins as a means of preserving purchasing power, while the UAE and Bahrain are expanding their digital asset markets through regulation. The report emphasizes that the markets in the Middle East and North Africa are developing differently due to currency instability and regulatory adjustments.
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