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 recorded nearly $200 billion in annual transactions, while the UAE lagged behind at $53 billion.

Turkey’s surge in crypto volumes has been fueled more by speculative activity than sustainable adoption, according to onchain research by Chainalysis. Altcoin trading in Turkey has seen a significant increase, jumping from $50 million to $240 million in the 31-day moving average.

Turkey’s altcoin trading surge marks a shift away from stablecoins, which historically dominated the country’s trading volumes. Stablecoin trading volume in Turkey dropped from above $200 million to around $70 million, as altcoin trading took over. The trend may reflect a “desperate yield-seeking behavior” due to regional economic pressures.

Despite Turkey’s growth, the MENA region lags behind other markets globally in terms of crypto market growth. The region saw a 33% year-over-year growth, trailing behind regions like Asia-Pacific and Latin America. Other regions like Sub-Saharan Africa, North America, and Europe posted higher growth rates.

Among the top global crypto jurisdictions, the US ranked second, trailing behind India, which maintained the top spot for the third consecutive year. The MENA region still has room for growth compared to other regions like Asia-Pacific and Latin America.

Read more at Cointelegraph: Turkey’s Crypto Volume Quadruples UAE In 2025: Chainalysis