According to the report published by Bitget, in the Middle East crypto- While there has been a huge increase in activity related to digital assets, the United Arab Emirates (UAE) is leading the region in terms of adoption of digital assets.
According to the report, it is stated that the average number of daily active users of central exchanges in the Middle East in February 2024 was more than 500,000 compared to the same period last year. This represents a 166% increase year over year.
cryptocurrency This increase in trading activity is attributed to several factors, such as the approval of BTC Spot ETFs and the continued growth of the total market value of cryptocurrencies. The UAE’s crypto-friendly policies make the country a hub for crypto activities in the Middle East.
According to a study in the UAE, 29% of users believe digital assets offer a more convenient way of holding assets, while 34% actively trade cryptocurrencies and 22% use them for daily payments.
Bitcoin (BTC) and Ethereum (ETH) are the preferred investment options, with BTC often referred to as “digital gold” among UAE users. According to Bitget’s report, adoption rates of cryptocurrencies in the Middle East will continue to increase, with the number of daily active users expected to reach 700,000 by the end of 2024.
As Koinfinans.com reported, the research also revealed that there is a heavy dependence on global centralized exchanges among users in the Middle East, with local platforms such as Rain and M2 lagging behind in terms of traffic. This is attributed to the greater diversity and liquidity of assets available on global exchanges, as well as the ease of depositing and withdrawing local currency.
