Turkey’s $200B crypto boom is built on speculation, not adoption: Chainalysis

Turkey’s $200 billion crypto market leads the MENA region, but has been fueled more by speculative activity than by sustainable adoption, according to Chainalysis.

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.

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