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 Middle East soared to 500,000 in
2024, representing an increase of 166% year-over-year.
Crypto in the Middle East
The leading country is the United Arab Emirates (UAE),
where 72% of crypto users are actively investing in Bitcoin. This surge in
adoption is driven by several factors, including favorable regulatory
frameworks, the approval of Bitcoin ETFs, and the overall bullish sentiment in
the cryptocurrency market.
Centralized crypto exchanges globally have experienced
a surge in users from the region. 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 driving this increased
interest among users.
Although centralized exchanges dominate, decentralized
platforms have gained momentum among Middle Eastern crypto users. Decentralized
exchanges (DEXs) 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 for users in the region, reflecting a growing appetite for
decentralized finance (DeFi) solutions.
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.
This article was written by Jared Kirui at www.financemagnates.com.
