- Daily active crypto users in the Middle East rose to 500K in Feb 2024.
- The UAE leads the Middle East in terms of crypto adoption.
- Bitget predicted that the daily active users would rise to 700K by the end of 2024.
A massive increase has been witnessed in crypto-related activities in the Middle East, with the United Arab Emirates (UAE) leading the region in terms of the adoption of digital assets, as per a report from Bitget.
The Bitget report revealed that centralized exchanges in the Middle East have witnessed a remarkable surge in user engagement, with over 500,000 daily active users on average in February 2024, compared to 330,000 in the same month last year. This represents a 166% increase year-over-year.
The rise in cryptocurrency trading activity was attributed to several factors, including the approval of BTC Spot ETFs and the continuous growth of the total market value of cryptocurrencies. The UAE’s crypto-friendly policies have positioned it as a hub for crypto activity in the Middle East.
According to a study conducted in the UAE, 29% of users believe that digital assets offer a more convenient way of holding assets, while 34% are actively trading cryptocurrencies, and 22% use them for daily payments.
Bitcoin (BTC) and Ethereum (ETH) are the preferred investment choices, with BTC often referred to as “digital gold” by UAE users, 72% of whom invest in the asset. Notably, Bitget’s report forecasted continued growth in cryptocurrency adoption rates in the Middle East, with daily active users expected to reach around 700,000 by the end of 2024.
The research also revealed a heavy reliance on global centralized exchanges among Middle Eastern users, with local platforms like Rain and M2 lagging behind in terms of traffic. This is attributed to the broader variety and liquidity of assets available on global exchanges, as well as the convenience of local currency deposit and withdrawal channels.
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