In Chainalysis’ recent MENA crypto adoption report 2025, MENA saw crypto growth rates 33% lower than previous years, as crypto usage lagged behind in the APAC (69%) and Latin America (63%) regions. Turkey surged to the top of crypto transaction volumes in region, followed by the UAE and Egypt among others.
Turkey topped the regional index, with nearly $200 billion in annual transactions, four times that of the UAE, which took second place at $53 billion. Just behind the UAE is Egypt, which witnessed around $48 billion of crypto annual transactions, followed by Jordan, Saudi Arabia, and Morocco.
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Turkey’s crypto growth due to challenging economic circumstances
According to the Chainalysis report, Turkey’s crypto growth stems from its challenging economic circumstances and economic necessity as an alternative financial infrastructure and as a form of investment.
Turkey saw $878 billion gross crypto inflows since early 2021, outpacing all other MENA markets.
However, there have been some changes. The institutional bracket, which includes both large (exceeding $10 million) and mid-sized transactions ($1 million to $10 million), has seen more modest decelerations in growth.
In the retail bracket, professional traders ($10,000 to $1 million) have experienced a decline from 41.6% growth to just 4.1%, a nearly 90% reduction in their growth rate. At the retail end, there has been an even more dramatic reversal in participation, with large retail ($1,000 to $10,000) and small retail (under $1,000) transactions shifting from healthy positive growth to a 1.6% and 2.3% contraction, respectively.
Chainalysis interpreted those changes as evidence of reduced disposable income among the retail segment for crypto investment or a shift in sentiment. It also might be a reflection of Turkey’s crypto regulatory framework and stronger alignment with FATF standards.
Despite this, a look at the 31-day transactions count on Turkish crypto exchanges showed that in late 2024, there was a surge in altcoin volumes ($50 million), peaking above $250 million by mid-2025.
UAE crypto growth slowed in 2024-2025 but still steady
While the UAE took second place in the Chainalysis crypto adoption MENA 2025 report, the growth had slowed from 86.4% in the 2023-2024 period to 33% in the 2024-2025 period.
Interestingly, while the biggest growth in the UAE is driven by institutional transactions and transfers (54.75%) and (37.2%) respectively, there has been extraordinary growth across the merchant services category in retail segments, with small retail (<$1,000) transactions growing by 88.1%, large retail by 83.6%, and professional transfers by 79.5%.
This reflects how crypto is entering everyday commercial use cases and practical payments. This is not surprising given that the UAE Central Bank came out with its AED stablecoin regulations, and entities like Crypto.com and AECoin, the first regulated AED stablecoin issuer, among others, are partnering with both governmental and retail entities to promote stablecoin payments in the country.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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