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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.
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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.
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