The Bitcoin Policy Institute estimates annual blockchain transaction value across the Middle East and North Africa at roughly $350 billion in 2025–2026, compared with about $100 billion in 2022. The report attributes that growth to a mix of currency instability, conflict and the development of regulated crypto markets in Gulf states rather than to one single driver.
According to the report, Bitcoin initially traded like a risk asset after fighting intensified, then its share of the crypto market rose to a one-month high of 64.8%. In countries including Egypt, Turkey, Lebanon and Iran, digital assets and dollar stablecoins are described as tools used by some participants to preserve purchasing power and move value.
Onchain activity still requires careful attribution. Chainalysis tracked about $10.3 million leaving Iranian crypto exchanges between February 28 and March 2, while cautioning that those transfers could represent personal withdrawals, exchange liquidity management or other actors. Movement on a blockchain does not by itself prove a political or state-linked motive.
At the same time, the UAE and Bahrain continue building regulated markets aimed at institutional capital. The $350 billion figure therefore describes a heterogeneous region where crypto can function as a defensive or cross-border tool in one market and as formal financial infrastructure in another.