Middle East Crypto Adoption Trends: A Look at the Latest Data
The Middle East is experiencing a surge in crypto adoption, with the average daily number of crypto traders in the region surpassing 500,000 in February 2024, according to Bitget Research. This represents a 51% increase from the previous year, highlighting the growing interest in cryptocurrencies in the area.
The United Arab Emirates leads the region in crypto adoption, with peak daily active users reaching 106,111 in 2024. Saudi Arabia also saw a significant increase in daily active users, despite its larger population size. The growth in crypto adoption in the Middle East can be attributed to evolving views on how crypto aligns with Muslim beliefs, as well as the increasing regulation of cryptocurrencies like Bitcoin.
In addition to centralized exchanges, Middle Eastern users are also embracing decentralized finance (DeFi) through platforms like Uniswap and PancakeSwap. The most popular crypto wallets in the region include Trust Wallet, MetaMask, and Coinbase Wallet. Bitget predicts that the number of daily active crypto users in the Middle East will continue to rise, reaching 700,000 by the end of 2024.
Despite the recent conflict in the region, which briefly impacted crypto markets, the Middle East is poised to become a central hub for cryptocurrency talent, capital, and enterprises. With the increasing adoption of cryptocurrencies and the growing interest in DeFi, the Middle East is set to play a significant role in the global crypto landscape.
