The cryptocurrency exchange KuCoin has released the
findings of a new survey offering insights into the crypto landscape in the
United Arab Emirates (UAE). According to the report, the UAE’s dynamic crypto
landscape is on an upward trajectory despite numerous challenges.
A staggering 59% of crypto users in the UAE see
cryptocurrency as a long-term investment, recognizing it as a reliable store of
value. Moreover, 35% view crypto as a means to diversify their investment
portfolios, while 11% use it as a hedge against inflation.
But it’s not just about investment; 29% of
respondents consider crypto a more convenient way to store assets than
traditional banks. Additionally, crypto’s practicality is evident, with 22%
using it for daily payments, 12% for cross-border remittances, and 9% for
purchasing NFTs and other digital assets.
Alicia Kao, the Managing Director of KuCoin, stated:
“Our survey has unveiled the pressing needs and aspirations of the UAE’s
crypto community. Trust, security, and education are at the core of their
concerns. This report not only illuminates their preferences but also
solidifies the UAE’s position as a leader in the crypto revolution, with a
dominant 72% preference for Bitcoin and a strong appetite for blockchain and AI
integration.”
According to most respondents, security is
paramount, with 63% of users emphasizing it when selecting crypto exchanges.
Brand reputation (52%) and efficient customer support (47%) are also
significant factors. These findings reflect the importance of safeguarding
digital assets and the growing discernment of users in the region.
While the UAE‘s crypto scene is promising,
challenges exist. Market volatility, voiced by 52% of respondents, presents
opportunities and risks. The most significant challenge is the lack of trust in
crypto platforms, cited by 48%. Limited knowledge and education also pose a
challenge for 26% of respondents.
The UAE is abuzz with excitement about various
crypto innovations. AI and blockchain integration excites 62% of users, reflecting
a strong interest in harnessing AI’s potential to enhance data analysis and
automation within the crypto space. Besides that, blockchain-based identity
solutions and decentralized finance capture significant attention.
UAE’s Crypto Landscape
Diverse interests are driving the adoption of crypto
in the UAE. 55% of the respondents see cryptocurrencies as investment tools.
There is also a strong appetite for remittances, everyday…
