- UAE leads the Middle East in cryptocurrency adoption, with 72% of users holding Bitcoin (BTC)
- Cryptocurrency trading in the Middle East has increased by 166% in daily traders over the past year
- The report projects crypto adoption in the region to surpass 700,000 daily traders by the end of 2024
The United Arab Emirates is leading the Middle East in cryptocurrency adoption and trading volume. Nearly three-quarters of UAE residents own Bitcoin, and crypto trading volume in the region has surged 166% in the past year.
Surging Crypto Adoption in the Middle East
According to a recent report by Bitget, there are now an average of 500,000 daily cryptocurrency traders in the Middle East. By the end of 2024, that number is projected to surpass 700,000.
The growth is largely attributed to rising crypto prices and greater mainstream acceptance. Regulatory frameworks across the region are becoming more cryptocurrency-friendly. The UAE in particular has implemented crypto-positive policies, leading the way.
29% of surveyed UAE residents believe digital assets provide a more convenient way to hold assets. 34% actively trade cryptocurrencies, while 22% use them for daily payments. As options diversify, cryptocurrency adoption will likely continue climbing.
UAE Leads the Region in Crypto Users and Trading Volume
The UAE accounts for the highest levels of cryptocurrency interest and ownership in the region. A remarkable 72% of UAE users own Bitcoin, far surpassing other Middle Eastern countries.
The UAE also generates the highest cryptocurrency trading volumes. Residents rely largely on major global exchanges like Binance, with minimal demand for local platforms.
According to Gracy Chen, Managing Director of Bitget, the UAE has emerged as a hub for crypto talent, funds, and businesses. It holds global influence in the crypto space. Her company expects to see significant continued growth in the regional market.
With surging prices and bullish optimism, the active Middle East crypto market provides major potential. The UAE leads the charge, with Bitcoin ownership, adoption, and trading volume that outpaces regional peers.
