Saudi Arabia has been recognized as the fastest-growing crypto economy in the Middle East and North Africa (MENA) for the second year in a row. With an impressive 154% year-over-year growth rate, the Kingdom has outpaced other regional leaders, including the UAE. The country’s rapid expansion in the crypto space is attributed to its youthful population, with 63% of citizens under 30, making them more open to adopting new financial technologies.

Unlike other countries in the region, Saudi Arabia and Qatar’s crypto activities are primarily driven by decentralized finance (DeFi) platforms, partly due to limited regulations for virtual asset service providers (VASPs). This unique approach has allowed the decentralized sector to thrive.

Institutional and professional investors lead crypto activity in MENA, with over 93% of transactions exceeding $10,000. Despite this, the region’s total on-chain value of $338.7 billion represents just 7.5% of the global market, highlighting Saudi Arabia’s growing influence in this evolving sector.

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