VICTORIA, Seychelles, April 22, 2024 /PRNewswire/ – Bitget Research, the research division of Bitget, a prominent cryptocurrency exchange and Web3 company, has published an extensive report on the adoption of cryptocurrencies in the Middle East region. This document explores the critical factors influencing the adoption rate and its impact on user behavior.

Key Highlights:

Bitget Report: Surge in Middle East Crypto Market, Daily Traders Increase by 166% in a Year

• The local region witnessed an average of 500,000 daily crypto traders in 2024, reflecting a notable 166% surge compared to the previous year.
• The United Arab Emirates (UAE) leads in crypto adoption, with 72% of local users engaging in Bitcoin investments.
• Local countries predominantly utilize global centralized exchanges, showing minimal interest in local exchange platforms.
• The projected number of daily traders in the region is expected to reach 700,000 by the conclusion of 2024.
• This growth can be attributed to favorable local crypto regulations, the approval of Bitcoin ETFs, and the increasing appeal of digital assets amidst a market upswing.

Centralized exchanges have observed a substantial influx of users participating in cryptocurrency trading across the six countries analyzed in the study. The average number of daily active users surpassed 500,000 in February 2024, compared to 300,000 in the same period the previous year. The UAE stands out with the highest cryptocurrency adoption rate in the region. The approval of BTC Spot ETFs and the continuous growth in the total market value of cryptocurrencies are significant contributors to the heightened interest among local users.

The UAE’s prominent position as a crypto hub is unsurprising, given its progressive crypto-friendly policies, while other countries are gradually enhancing their cryptocurrency regulations to attract new investments, projects, and users.

Moreover, the UAE has shown significant interest in cryptocurrencies, with 29% of surveyed users believing that digital assets offer a more convenient asset-holding method. Additionally, 34% of users engage in cryptocurrency trading, and 22% utilize them for daily transactions. Users in the UAE have displayed a strong inclination towards investing in BTC and ETH, with BTC often referred to as “digital gold” by UAE investors, with 72% of them having investments in this asset.

Research indicates that Middle Eastern countries heavily rely on global centralized exchanges. Local platforms like Rain and M2 do not rank in the Top-10 in terms of traffic volume. The Bitget research division attributes this subdued performance to the limited variety and liquidity of tradable assets on local exchanges compared to their global counterparts, along with the convenience of local currency deposit and withdrawal channels offered by most leading global platforms.

Decentralized exchanges also play a significant role in the Middle East, with users frequently utilizing platforms based on blockchains like Solana, BSC, and Ethereum, including DEXs such as Uniswap, Pancakeswap, and Raydium. Decentralized exchange aggregators like 1inch and Jupiter are utilized to a lesser extent. Analysis of user preferences reveals that Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet are the top five wallets among users in the Middle East.

In conclusion, the report by Bitget anticipates a continuous rise in cryptocurrency adoption rates in the Middle East, projecting an increase from 330,000 daily active users in 2023 to approximately 700,000 by the end of 2024. The primary drivers behind this growth are favorable crypto regulations in the analyzed countries and the overall investment appeal of digital assets amidst a market upswing.

Gracy Chen, Managing Director of Bitget, comments: “We are enthusiastic about the Middle East market’s potential and foresee ongoing growth in both user base and market size. The UAE, in particular, plays a pivotal role within the region, emerging as a center for cryptocurrency talent, funds, and enterprises while steadily gaining global influence in the crypto sphere. We eagerly look forward to contributing to and witnessing the further evolution of this vibrant market.”

About Bitget

Established in 2018, Bitget stands as a leading cryptocurrency exchange and Web3 company globally. With a user base exceeding 20 million across 100+ countries and regions, the Bitget exchange is dedicated to empowering users with intelligent trading features, including the innovative copy trading functionality and other trading solutions. Formerly recognized as BitKeep, Bitget Wallet serves as a top-tier multi-chain crypto wallet offering a wide array of comprehensive Web3 solutions such as wallet services, swaps, NFT Marketplace, DApp browser, and more. Bitget collaborates with reputable partners, including renowned Argentinian footballer Lionel Messi and official eSports events organizer PGL, to encourage individuals to embrace crypto.

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