• The average daily number of crypto traders in the Middle East surged to 500,000 in 2024; a 166% increase year-over-year.
  • In the UAE, BTC and ETH are favored for investments, with 72% of users investing in BTC

In recent years the United Arab Emirates (UAE) doubled down on technology and finance, and the region has, in fact, established itself as a cryptocurrency hub. As the 2023 report by Crypto Oasis Ecosystem states, there are more than 1,800 firms in the Middle East and North Africa's digital asset sector that employ around 8,650 people.

Now, as per Bitget Research, the average daily number of crypto traders in the Middle East soared to 500,000 in 2024, which represents an increase of 166% year-over-year. 

Additionally, there’s a growing cryptocurrency interest in the UAE. The same report suggests that 29% of users appreciate the convenience of holding assets in crypto, 34% trade cryptocurrencies, and 22% use them for daily transactions. In terms of investments, BTC and ETH are favored, with 72% of users investing in BTC, often dubbed "digital gold" in the UAE.

The report also states that the UAE boasts the most crypto-friendly regulations in the Middle East, with other regional nations evolving from initial bans to a focus on compliance. Additionally, Middle Eastern crypto users show a keen interest in decentralized projects and tools, including DEXs, metaverse ventures, and gaming, with a noticeable rise in on-chain activity recently. 

In terms of trading preferences, institutional traders in the region tend to focus on major cryptocurrencies like BTC, whereas retail investors explore a broader array of assets, including memecoins. 

Moreover, there has been a growing preference for centralized exchanges, evidenced by increasing traffic over the past year, although decentralized exchanges like Uniswap and PancakeSwap remain popular, with TrustWallet, Metamask, Phantom, Coinbase Wallet, and Bitget Wallet being the most commonly used wallets.

Edited by Harshajit Sarmah