The Middle East has emerged as a hotspot for
cryptocurrency adoption, according to a recent report by Bitget Research. The
average daily number of crypto traders in the region soared to 500,000 in
2024. This figure represents an increase of 166% year-over-year.
Crypto in the Middle East
This surge in crypto adoption is driven by several factors, such as favorable regulatory
frameworks, the approval of Bitcoin ETFs, and the overall bullish sentiment in
the cryptocurrency market. The United Arab Emirates (UAE) leads, with 72% of crypto users actively investing in Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term.
Centralized crypto exchanges globally have experienced
an increase in the number of users from the Middle East. According to Bitget Research, these exchanges recorded
over 500,000 daily active users on average in February 2024. This figure
represents a substantial jump from the previous year. The UAE's crypto-friendly policies and the approval of
spot Bitcoin ETFs have played an important role in crypto adoption.
Although centralized exchanges dominate, decentralized
platforms have gained momentum among Middle Eastern crypto users. Decentralized
exchanges built on blockchains like Solana, BSC, and Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Read this Term are
becoming the go-to digital platforms for P2P trading. Trust Wallet, MetaMask, and Bitget Wallet are among
the top choices in digital wallets.
Bitget Report: Middle East Crypto Market Surges, Daily Traders Up 166% in Year https://t.co/LBVs0UdlxD
— Jared Kirui (@JaredLopta79285) April 22, 2024
Speaking about the report, Gracy Chen, the Managing Director
of Bitget, mentioned: “We are excited about the potential of the Middle East
market and anticipate continued growth in both users and market size. The UAE,
in particular, holds significant importance as a base within the region.”
“It has emerged as a hub for cryptocurrency talents, funds,
and enterprises while also steadily gaining global influence in the crypto
space. We look forward to contributing to and witnessing the further
development of this dynamic market."
Steady Rise in Crypto Adoption
Generally, Bitget Research's report highlighted a positive
outlook for the future of cryptocurrency adoption in the Middle East. The
report projects that the region's daily active users will continue to rise,
reaching an estimated 700,000 by the end of 2024.
Recently, Binance secured a fully operating virtual-asset service provider license from Dubai's Virtual Assets Regulatory Authority. The exchange's journey began with an Operational MVP license obtained by its local unit, Binance FZE, in mid-2023. This license allowed the exchange to offer broker-dealer services and virtual-asset derivative trading to institutional and individual investors.
The Middle East has emerged as a hotspot for
cryptocurrency adoption, according to a recent report by Bitget Research. The
average daily number of crypto traders in the region soared to 500,000 in
2024. This figure represents an increase of 166% year-over-year.
Crypto in the Middle East
This surge in crypto adoption is driven by several factors, such as favorable regulatory
frameworks, the approval of Bitcoin ETFs, and the overall bullish sentiment in
the cryptocurrency market. The United Arab Emirates (UAE) leads, with 72% of crypto users actively investing in Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term.
Centralized crypto exchanges globally have experienced
an increase in the number of users from the Middle East. According to Bitget Research, these exchanges recorded
over 500,000 daily active users on average in February 2024. This figure
represents a substantial jump from the previous year. The UAE's crypto-friendly policies and the approval of
spot Bitcoin ETFs have played an important role in crypto adoption.
Although centralized exchanges dominate, decentralized
platforms have gained momentum among Middle Eastern crypto users. Decentralized
exchanges built on blockchains like Solana, BSC, and Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Read this Term are
becoming the go-to digital platforms for P2P trading. Trust Wallet, MetaMask, and Bitget Wallet are among
the top choices in digital wallets.
Bitget Report: Middle East Crypto Market Surges, Daily Traders Up 166% in Year https://t.co/LBVs0UdlxD
— Jared Kirui (@JaredLopta79285) April 22, 2024
Speaking about the report, Gracy Chen, the Managing Director
of Bitget, mentioned: “We are excited about the potential of the Middle East
market and anticipate continued growth in both users and market size. The UAE,
in particular, holds significant importance as a base within the region.”
“It has emerged as a hub for cryptocurrency talents, funds,
and enterprises while also steadily gaining global influence in the crypto
space. We look forward to contributing to and witnessing the further
development of this dynamic market."
Steady Rise in Crypto Adoption
Generally, Bitget Research's report highlighted a positive
outlook for the future of cryptocurrency adoption in the Middle East. The
report projects that the region's daily active users will continue to rise,
reaching an estimated 700,000 by the end of 2024.
Recently, Binance secured a fully operating virtual-asset service provider license from Dubai's Virtual Assets Regulatory Authority. The exchange's journey began with an Operational MVP license obtained by its local unit, Binance FZE, in mid-2023. This license allowed the exchange to offer broker-dealer services and virtual-asset derivative trading to institutional and individual investors.
