Three years ago, the Middle East and North Africa processed roughly $100B in on-chain crypto transactions. That number is now closing in on $350B, according to the Bitcoin Policy Institute. And the country growing fastest might surprise you: it’s Saudi Arabia, not the flashier crypto hubs of Dubai or Abu Dhabi.

Saudi Arabia is posting a 154% annual growth rate in crypto transaction volume. The kingdom’s activity is overwhelmingly institutional, with 93% of transaction volume coming from transfers exceeding $10,000.

For all of Saudi Arabia’s rapid ascent, Turkey still dominates in raw numbers. Turkish crypto transaction volume is approaching $200B annually, making it the single largest market in the MENA region by a wide margin.

The Turkish…