Crypto Interest Rises in Middle Eastern Markets With 500K Daily Traders

Highlights
- According to research by Bitget, currently, there are about 500,000 daily cryptocurrency traders in the Middle East, making it a growing business.
- United Arab Emirates boasts the most crypto-friendly regulatory framework, while other Middle Eastern nations are gradually improving their regulations from outright prohibitions to compliance.
- Institutional users in the Middle East prefer to trade fundamental crypto assets like Bitcoin.
Crypto markets and investments are becoming more and more popular in the Middle East. According to research by Bitget, currently, there are about 500,000 daily cryptocurrency traders in the Middle East, making it a growing business.
UAE Adopts Crypto-Friendly Rules
According to the research, the United Arab Emirates boasts the most crypto-friendly regulatory framework, while other Middle Eastern nations are gradually improving their regulations from outright prohibitions to compliance.
With a notable surge in on-chain users in recent years, Middle Eastern users have preferences for chains that allow them to participate in games, the metaverse, and decentralized projects.
Read Also: Bitwise CEO Dissects IMF Bitcoin Flow Report; Here is What to Know
Retail Investors Hop Memecoins Bandwagon in the Middle East
The research also highlights that in the Middle East, retail investors have a wider range of interests and are willing to speculate on memecoins, whereas institutional users in the Middle East prefer to trade fundamental crypto assets like Bitcoin.
When it comes to overall volume and adoption, the Middle East’s statistical performance is not very noteworthy when compared to other regions of the world. In 2023, the combined Middle East and North Africa accounted for roughly 7.2% of the worldwide cryptocurrency volume. However, the Middle East continues to play a crucial role in the cryptocurrency industry because of its liberal regulations and quick development. Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and the UAE were ranked 20th, 35th, 47th, 57th, 66th, and 78th, respectively, in Chainalysis’ 2023 Adoption Index.
Middle East to Be a New Place for Crypto Mining?
As CoinGape previously reported, large North American cryptocurrency miners are trying to get into areas with less regulatory pressure and more power resources. Crypto miners including Core Scientific, Riot Blockchain, Marathon Digital, and Argo Blockchain had expressed interest in expanding to Scandinavia, the Middle East, and other loosely governed regions.
The preference for these Middle Eastern countries comes after China’s crackdown on crypto mining and the larger sector.
Read Also: SEC Seeks $5.2B Penalties from Terraform and Do Kwon
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%