Türkiye’s cryptocurrency market has become the largest in the region, with transaction value reaching around $200 billion in the past year. Ripple executive Reese Merrick said Turkey is a major cryptocurrency adoption market as Istanbul prepares to host a major blockchain event.
Important points:
- Ripple executive Reese Merrick said Türkiye’s cryptocurrency adoption is very strong.
- Cryptocurrency activity in Türkiye has reached approximately $200 billion, making it the largest market in the region.
- Istanbul Blockchain Week could increase institutional attention to Türkiye’s expanding digital asset sector.
Türkiye’s rapid rise in cryptocurrency adoption is a sign of larger regional changes
Reese Merrick, Ripple’s senior executive officer and managing director for the Middle East and Africa, highlighted Turkey’s rapid emergence as a leading crypto market ahead of Istanbul Blockchain Week. On May 31, Merrick told X that Turkey is leading the adoption of cryptocurrencies in the Middle East and Africa, ranking among the highest in the world with around $200 billion in transaction value over the past year. This activity has made Turkey the largest crypto market in the region by a wide margin.
This size gives Turkey a stronger position in the regional cryptocurrency debate as investors, businesses and blockchain developers assess where adoption is gaining the most momentum. The Ripple executive’s statement points to Turkey’s emergence as the dominant crypto market in the region.
With a reported transaction value of $200 billion, the country leads other countries in the region and reflects its extensive involvement in digital assets. He said the market is four times the size of the UAE and significantly larger than one of the most established crypto hubs in the Middle East. This gap suggests broader participation and deeper trading activity across the Turkish cryptocurrency ecosystem.
Chainalysis data backs up Merrick’s assessment. The blockchain analysis firm highlighted in its 2025 Crypto Geography Report that Turkey leads the Middle East and North Africa (MENA) in annual crypto trading volume with around $200 billion, compared to the UAE’s $53 billion. The company noted that while much of Turkey’s activity appears to be driven by speculative trading, the region’s use of cryptocurrencies also reflects economic pressures, investment demand and demand for alternative financial infrastructure. The findings show that a large market is being created by currency depreciation, inflation, and volatility.
Istanbul Blockchain Week could expand Turkish crypto market profile
Istanbul Blockchain Week puts Türkiye’s market profile on an even bigger stage. The event website describes IBW as a global Web3 gathering where “East meets West,” with activities taking place from June 2nd to 3rd, 2026, mainly in Istanbul. Organizers will bring together executives, investors, institutions, and blockchain developers, and Ripple’s managing director will be among the speakers at the event. Istan Block Summit will cover DeFi, trading, regulation, mining, venture capital, and other Web3 topics.
The event will also include an Institutional Markets Summit focused on regulated digital asset markets. Organizers say the summit will bring together senior policymakers, regulators, financial institutions, asset managers, exchanges and infrastructure providers. This topic brings a high-value audience to Istanbul as Turkey’s crypto market gains attention from users, liquidity and companies seeking regional growth.
Ripple has expanded across the Middle East as the region gains adoption of digital assets. The company chose Dubai’s DIFC for its MENA headquarters and secured DFSA approval to offer regulated cryptocurrency payment services there in 2025. Ripple also says more than 20% of its global customer base is in the Middle East, and Merrick’s comments about Turkey fall within its push for broader regional expansion.
