Turkey has emerged as the leading crypto market in the Middle East and North Africa (MENA) region in 2025, with volumes significantly outpacing those of major markets, such as the United Arab Emirates.
Turkey, which has grappled with high inflation in recent years, dominated MENA’s crypto market in the past year, recording nearly $200 billion in annual transactions, according to the latest regional report by Chainalysis published Thursday.
The UAE, the region’s second-largest market, lagged far behind, with crypto volumes of $53 billion, almost four times smaller than those of Turkey.
However, according to onchain research by Chainalysis, Turkey’s surge in crypto volumes has been fueled more by speculative activity than by sustainable adoption.
A heavy gap driven by altcoin trading
With $200 billion in annual crypto transactions, Turkey alone outpaces the combined crypto volumes of other MENA markets such as Egypt, Jordan, Saudi Arabia, Morocco and Israel.
Unlike in the UAE, where Chainalysis observed a shift from cryptocurrency being primarily a speculative asset to its growing use as a practical payment solution, the majority of Turkey’s crypto volume has been driven by a surge in speculative activity.
Addressing the increasingly speculative nature of Turkey’s crypto adoption, Chainalysis highlighted a surge in altcoin trading, measured by the 31-day moving average, which jumped from around $50 million in late 2024 to $240 million by mid-2025.
Altcoin trading eclipses stablecoins
Turkey’s altcoin rise marked a significant shift away from Turkey’s prior preference for stablecoins, which had historically dominated the country’s trading volumes.
According to Chainalysis data, Turkey’s stablecoin trading volume saw a notable plunge in the 31-day centered moving average, dropping from above $200 million in late 2024 to around $70 million by mid-2025.
“The timing of this altcoin surge coincides with broader regional economic pressures,” Chainalysis observed, suggesting that the trend may reflect a “desperate yield-seeking behavior” among remaining market participants.
Turkey’s crypto market is also largely concentrated in institutional transactions, which dominated the surge, while retail trading has dropped dramatically, the report noted.
Related: Here’s why Russia ranks highest in Europe for crypto adoption: Chainalysis
The pattern likely suggests that while Turkey’s economic challenges drive adoption among larger players seeking inflation hedges and currency alternatives, it is “perhaps reducing the capacity of everyday Turkish citizens to participate,” Chainalysis said.
MENA lags behind globally
Although Turkey’s speculative crypto trading has driven much of the region’s growth, the MENA region as a whole still lags significantly behind other markets.
According to Chainalysis, the MENA region saw 33% year-over-year growth, trailing the Asia-Pacific (APAC) region at 69% and Latin America at 63%, the fastest-growing regions globally.
MENA also lagged behind other regions, as Sub-Saharan Africa, North America and Europe posted higher growth rates of around 55%, 50% and 43%, respectively.
Among the top global crypto jurisdictions, the US ranked second in a report by Chainalysis in September, trailing only India, which maintained the top spot for the third consecutive year.
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