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

The leading country is the United Arab Emirates (UAE), where 72% of crypto users are actively investing in Bitcoin. This surge in adoption is driven by several factors, including favorable regulatory frameworks, the approval of Bitcoin ETFs, and the overall bullish sentiment in the cryptocurrency market.

Centralized crypto exchanges globally have experienced a surge in users from the region. According to Bitget, 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 driving this increased interest among users.

Although centralized exchanges dominate, decentralized platforms have gained momentum among Middle Eastern crypto users. Decentralized exchanges (DEXs) built on blockchains like Solana, BSC, and Ethereum are becoming the go-to digital platforms for P2P trading.

Trust Wallet, MetaMask, and Bitget Wallet are among the top choices for users in the region, reflecting a growing appetite for decentralized finance (DeFi) solutions.

Steady Rise in Crypto Adoption

Generally, Bitget's report highlights 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.