Cryptocurrency trading in the Middle East has experienced a significant surge, with a 166% increase in daily traders over the past year. The United Arab Emirates (UAE) stands out as the leader among all countries in terms of total holders. According to a recent Bitget report, the region boasted an average of 500,000 daily crypto traders in 2024. Notably, the UAE is spearheading the adoption of cryptocurrencies, with 72% of local users actively investing in Bitcoin.

The report highlights that Middle Eastern countries predominantly favor global centralized cryptocurrency exchanges over local platforms, indicating a low demand for the latter. Projections suggest that the number of daily traders in the region is set to exceed 700,000 by the conclusion of 2024.

The primary drivers behind this upsurge are likely the approval of BTC Spot ETFs and the continuous uptrend in the overall market value of cryptocurrencies. The bullish performance of specific assets has further fueled adoption in the region. While the UAE leads with its cryptocurrency-friendly regulations, other nations in the Middle East are gradually relaxing restrictions and fostering an environment conducive to crypto-innovation.

Growing Interest in Cryptocurrency within the Middle East

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Moreover, the report underscores the UAE’s proactive stance in cultivating interest in cryptocurrency. A substantial 29% of surveyed users in the country perceive digital assets as a more convenient asset-holding option. Additionally, 34% of users actively engage in cryptocurrency trading, while 22% utilize them for daily transactions.

Gracy Chen, the Managing Director of Bitget, expressed enthusiasm about the Middle East market’s potential for growth, foreseeing an expansion in both user base and market size. The UAE, in particular, serves as a pivotal hub within the region, attracting cryptocurrency talents, investments, and businesses while solidifying its global influence in the crypto sphere. Bitget looks forward to contributing to and observing the continuous evolution of this vibrant market.

As the digital asset landscape becomes increasingly lucrative, propelled by a thriving market offering diverse investment opportunities, the number of cryptocurrency holders in the Middle East is poised for substantial growth. Coupled with the anticipated post-halving surge in Bitcoin, investors stand to reap significant profits from their holdings.