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Middle East Records 166% Surge in Crypto Adoption, UAE Leads

The Middle East has emerged as a hotspot for
cryptocurrency adoption, according to a recent report by Bitget Research. The
average daily number of crypto traders in the region soared to 500,000 in
2024. This figure represents an increase of 166% year-over-year.

Crypto in the Middle East

This surge in crypto adoption is driven by several factors, such as favorable regulatory
frameworks, the approval of Bitcoin ETFs, and the overall bullish sentiment in
the cryptocurrency market. The United Arab Emirates (UAE) leads, with 72% of crypto users actively investing in Bitcoin.

Centralized crypto exchanges globally have experienced
an increase in users from the Middle East. According to Bitget, these exchanges recorded
over 500,000 daily active users on average in February 2024. This figure
represents a substantial jump from the previous year. The UAE's crypto-friendly policies and the approval of
spot Bitcoin ETFs have played an important role in this increased
interest among users.

Although centralized exchanges dominate, decentralized
platforms have gained momentum among Middle Eastern crypto users. Decentralized
exchanges built on blockchains like Solana, BSC, and Ethereum are
becoming the go-to digital platforms for P2P trading. Trust Wallet, MetaMask, and Bitget Wallet are among
the top choices.

Bitget Report: Middle East Crypto Market Surges, Daily Traders Up 166% in Year https://t.co/LBVs0UdlxD

— Jared Kirui (@JaredLopta79285) April 22, 2024

Speaking about the report, Gracy Chen, the Managing Director
of Bitget, mentioned: “We are excited about the potential of the Middle East
market and anticipate continued growth in both users and market size. The UAE,
in particular, holds significant importance as a base within the region.”

“It has emerged as a hub for cryptocurrency talents, funds,
and enterprises while also steadily gaining global influence in the crypto
space. We look forward to contributing to and witnessing the further
development of this dynamic market.

Steady Rise in Crypto Adoption

Generally, Bitget's report highlights a positive
outlook for the future of cryptocurrency adoption in the Middle East. The
report projects that the region's daily active users will continue to rise,
reaching an estimated 700,000 by the end of 2024.

Recently, Binance secured a full operating virtual-asset services provider license from Dubai's Virtual Assets Regulatory Authority. The exchange's journey began with an Operational MVP license obtained by its local unit, Binance FZE, in mid-2023. This license allowed the exchange to offer broker-dealer services and virtual-asset derivatives trading to institutional and individual investors.



This article was written by Jared Kirui at www.financemagnates.com.