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UAE leads in crypto adoption; 72% of users invest in Bitcoin: Report

UAE leads in crypto adoption; 72% of users invest in Bitcoin: Report
23 Apr 2024 20:54

Allan Jacob (ABU DHABI) 

The UAE leads the region in crypto adoption, with 72% of local users investing in Bitcoin, according to Bitget Research, the research arm of the world’s leading cryptocurrency exchange, Binance.

UAE as the centre of crypto activity is not surprising, said the Bitget report released to Aletihad, as it has the most crypto-friendly policies in the Middle East.

Research by Bitget revealed that UAE has the biggest appetite for cryptocurrencies. It said 29% of users surveyed for the study believe that digital assets are more convinient.

Another 34% of users are cryptocurrency traders, and 22% use them for daily payments. “Users in the UAE have also expressed the highest willingness to invest in BTC and ETH, BTC being referred to as ‘digital gold’ by UAE users, with 72% of the latter investing in the asset,” Bitget said in its report.

In terms of interaction habits, UAE users are “proficient in using DEXs for trading and lending functions and are familiar with on-chain operations”. Additionally, UAE users stay updated with the latest developments in the cryptocurrency market, showing high interest in RWA, the metaverse, AI, and cross-chain bridges.

"The UAE, in particular, holds significant importance as a base within the region. It has emerged as a hub for cryptocurrency talents, funds, and enterprises, while also steadily gaining global influence in the crypto space. We look forward to contributing to and witnessing the further development of this dynamic market,” said Gracy Chen, Managing Director of Bitget.

According to the report, in 2024, there was an average of 500,000 daily crypto traders locally, marking a 166% increase year-over-year, the research found. Crypto adoption in the region is projected to reach 700,000 daily traders by the end of 2024, the report said.  

Middle Eastern countries are heavily reliant on global-level centralised exchanges. Local exchange platforms are not even in the top-10 in terms of absolute traffic. These lacklustre values can be attributed to the lower variety and liquidity of tradable assets on local exchanges compared to global exchanges, as well as the convenience of local currency deposit and withdrawal channels available on most global competing platforms.

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