Highlights
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.
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
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.
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
Galaxy Digital’s CEO believes that the appointment of the next Fed chair could trigger Bitcoin…
Bitcoin (BTC) price is seeing strong selling pressure, correcting another 6% over the past week…
The Pi Network has been gaining attention in light of its recent partnership with blockchain…
The ASTER Token is gaining momentum as rumors circulate that prominent figures like the Trump…
Several major issuers, including Grayscale, Fidelity, and Bitwise, have filed new amendments to their Solana…
Cyber Hornet has filed with the U.S. Securities and Exchange Commission (SEC) to launch a…