Crypto Bitget news update
Six Middle Eastern countries witnessed a surge in daily active users on centralized crypto exchanges, reaching 300,000. By the same month a year later, this number exceeded 500,000. Bitget Research attributes much of this growth to favorable local crypto regulations in the Middle East, the approval of Bitcoin ETFs, and the increasing allure of digital assets amid market improvements.
The UAE stands out as the region with the highest cryptocurrency adoption rate, with 72% of local users investing in Bitcoin. Among UAE-based users surveyed, 29% find digital assets to offer a more convenient way of asset holding, while 34% are cryptocurrency traders, and 22% use them for daily transactions.
Bitget notes that the UAE’s leading position in crypto activity isn’t surprising given its crypto-friendly policies. Meanwhile, other countries are progressively enhancing their cryptocurrency regulations, shifting from bans to more compliance-oriented approaches to attract new investments, projects, and users.
The research indicates heavy reliance on global centralized exchanges by Middle Eastern countries. Bitget attributes this to the limited variety and liquidity of tradable assets on local exchanges compared to global counterparts, as well as the convenience of local currency deposit and withdrawal channels offered by many global platforms.
Decentralized exchanges are also popular among Middle Eastern users, with primary platforms for P2P trading being blockchain-based, including Solana, BSC, and Ethereum, and featuring DEXs like Uniswap, Pancakeswap, Raydium, and others.
The Bitget report concludes that cryptocurrency adoption rates in the Middle East are projected to continue rising, from 330,000 daily active users in 2023 to approximately 700,000 by the end of 2024. The main drivers of this growth include favorable crypto regulations in analyzed countries and the investment attractiveness of digital assets amid market improvements.
