MENA Crypto Transaction Volume Hits $350B, Tripling from 2022

A new report from the Bitcoin Policy Institute shows that annual blockchain transaction volume in the Middle East and North Africa (MENA) region reached $350 billion in 2025-2026, more than triple the approximately $100 billion recorded in 2022, driven by the Iran conflict. The report notes that regional conflicts typically accelerate capital outflows, but the Iran conflict presents a different dynamic: a growing share of capital is shifting toward digital assets, highlighting the increasing role of cryptocurrencies—especially Bitcoin—as a hedge against economic and geopolitical uncertainty. According to the report, Bitcoin initially fell in tandem with other risk assets following the outbreak of the conflict, but investors subsequently rotated from higher-risk cryptocurrencies into Bitcoin, pushing its market capitalization dominance to a one-month high of 64.8%. In countries such as Egypt, Turkey, Lebanon, and Iran, amid currency depreciation, residents are increasingly using Bitcoin and dollar-pegged stablecoins to preserve value. Meanwhile, Gulf states such as the UAE and Bahrain are attracting crypto institutions and institutional investors by establishing regulatory frameworks. Chainalysis data also shows that approximately $10.3 million in funds left Iranian crypto exchanges following U.S.-Israeli airstrikes between February 28 and March 2. The report argues that in countries facing sanctions, conflict, or currency instability, cryptocurrencies have become a tool for preserving and transferring value outside the traditional financial system, while regulated Gulf markets continue to attract institutional capital.