PANews reported on September 27 that according to Cointelegraph, according to a report by Chainalysis, the Middle East and North Africa region accounted for 7.5% of global cryptocurrency trading volume between July 2023 and June 2024. The total transaction volume received during the period was US$338.7 billion, with the vast majority of trading volume coming from institutions and professional investors. The report shows that an estimated 93% of transactions are worth more than US$10,000, while small retail investors account for only 1.8% of the region's trading volume. The region's on-chain traffic is mainly conducted through centralized trading platforms. However, the report also pointed out that the UAE and Saudi Arabia have shown "high interest" in decentralized platforms.

Chainalysis stressed that the UAE has rapidly emerged as a global cryptocurrency hub with its regulatory clarity and forward-looking attitude towards digital asset technology. In August 2024, the Dubai Court of First Instance ruled that cryptocurrencies can be used as a legal payment method for employment contracts and recognized that employees have the right to receive digital tokens stipulated in legal work agreements.