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, 2024Speaking 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 AdoptionGenerally, 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.
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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.
