Turkey's Cryptocurrency Trading Volume Exceeds 4 TIMES the UAE's

Türkiye's transactions exceeded the UAE's by 4 times

                               

Turkey Dominates Cryptocurrency Trading in the Middle East

Cryptocurrency adoption in the Middle East has become incredibly impressive, with transaction volumes peaking at over $60 billion in December 2024 alone, according to crypto analytics firm Chain Analysis.

Despite a moderate slowdown in 2025, annual growth remains strong, with record monthly inflows in late 2024. This sustained growth, despite regional geopolitical tensions and various economic pressures, indicates the resilience of cryptocurrencies in the region's financial landscape.

The Middle East recorded a 33% annual growth rate this year, significantly lower than other emerging markets such as Asia-Pacific (69%) and Latin America (63%). However, the complex dynamics within each Middle Eastern market reflect how cryptocurrencies can serve many different purposes, depending on unique local challenges and opportunities, according to a note from the analytics firm.

Turkey ranked first in the regional index, with annual cryptocurrency transactions approaching $200 billion, nearly four times the volume of cryptocurrency transactions in the UAE, which ranks second ($53 billion). Egypt, surprisingly, came in third, despite the official ban on cryptocurrency transactions. According to Chain Analysis, the country's transaction volume reached just under $50 billion. 

The report indicated that geopolitical turmoil and currency crises in several countries in the region contributed to the revival of demand from individuals and institutions. Iran's isolation from global financial systems also had a significant impact on cryptocurrency activity, with an increasingly independent ecosystem adapting to international sanctions.