Led by the UAE, cryptocurrency adoption is up 166% in the Middle East region according to a Bitget report
Bitget Research reported that the average daily number of digital currency traders in the Middle East increased to 500,000 during the month of February 2024, an indication of increased adoption of the crypto sector in the region.
This increase represents a 51% jump compared to February 2023, according to data from centralized digital currency exchanges (CEXs), and the region mostly relies on global crypto platforms for trading due to the modest market and the lack of digital currencies available on local platforms.
The United Arab Emirates (UAE) leads the region in terms of the rate of digital currency adoption relative to its population, with the number of daily active users - at its peak - reaching 106,111 in 2024. By some comparison, the Kingdom of Saudi Arabia (KSA) recorded a slightly higher level than it. It reached 129,397 daily active users, despite its population size being almost three times larger than that of the UAE.
The UAE, specifically, witnessed an annual increase of 68% in the growth of the number of crypto traders on a daily basis, while its counterpart, Morocco, witnessed the highest annual growth rate in the number of traders, as it rose by 148% compared to last year.
