Turkey’s Crypto Market Tops $200B, Ripple Says
Reece Merrick, Ripple’s MENA head, posted that Turkey recorded about $200 billion in crypto transactions over the past year, roughly four times the UAE’s $53 billion.
Reece Merrick, Ripple’s managing director for the Middle East and Africa, posted the figures on May 31 ahead of Istanbul Blockchain Week. He wrote that Turkey recorded roughly $200 billion in crypto transactions over the past year, compared with about $53 billion for the United Arab Emirates.
Merrick posted: “Turkey is leading crypto adoption in MENA and ranking among the highest globally, with roughly $200 billion in transaction volume over the past year.”
The 2025 Geography of Cryptocurrency Report from Chainalysis recorded similar figures, listing Turkey at nearly $200 billion in annual transaction volume and the UAE at about $53 billion. The report noted much of Turkey’s activity was driven by speculative trading and reflected currency weakness, inflation and market volatility.
Istanbul Blockchain Week runs June 2-3, 2026, in Istanbul. Merrick is listed as a speaker. The event includes sessions on decentralized finance, trading, regulation, mining, venture capital and an Institutional Markets Summit focused on regulated digital asset markets. Organizers expect attendees from policymaking bodies, regulators, financial institutions, asset managers, exchanges and infrastructure providers.
Ripple established its MENA headquarters in Dubai’s DIFC and in 2025 received approval from the Dubai Financial Services Authority to offer regulated crypto payment services there. The company reported that more than 20% of its global customer base is in the Middle East.
Analysts and the Chainalysis report cite economic factors in Turkey, including a weak currency, inflation and price instability, as contributors to high crypto activity. The report emphasized a large base of speculative trading as a factor behind the annual transaction volume.
Firms and investors are tracking the figures as they assess where digital asset adoption is strongest in the Middle East.
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