Bitget Research shares a detailed report on the acceptance of crypto in the Middle East, the prime factors related to it, and its overall effect on users. The parent company of Bitget Research is Bitget.
Centralized exchanges have witnessed the largest number of users involved in cryptocurrency trading amongst the six countries they focused on. In February 2024, there were roughly 500,000 users every day, whereas in February 2023, the figure stood at 300,000 users. The UAE topped them all. The consent of BTC spot ETFs, along with the constant increase in the market value of cryptocurrencies, is attributed to the jump in the inclination of local users towards crypto.
The UAE is known to have the most crypto-encouraging policies in the Middle East. In the case of other countries, there is seemingly a lack of clear focus and foresight where cryptocurrencies are concerned. In the UAE, 29% of users surveyed feel that digital assets are easier to hold, whereas 34% are cryptocurrency traders, and 22% utilize them for fulfilling daily needs. Investments in BTC and ETH are also rising.
As per the research, The Middle East depends on world standard centralized exchanges. Local exchanges such as Rain and M2 are lagging way behind. This is owing to the lesser types and liquidity of tradable assets on the localized exchanges, unlike international exchanges.
Users are more inclined towards decentralized exchanges throughout the Middle East. The priority platforms used for P2P trading are on blockchains such as Solana, BSC, and Ethereum and come with DEXs like Uniswap, Pancakeswap, Raydium and more. Decentralized exchange aggregators such as 1inch and Jupiter are not often utilized. Trust Wallet, Phantom, MetaMask, Coinbase Wallet, and Bitget Wallet are the most sought-after.
The report mentions that the rise in cryptocurrency acceptance will apparently jump to 700,000 users towards the end of 2024, with the ever-growing opportunities.
According to the Managing Director of Bitget, Gracy Chen, the Middle East is doing its best to encourage cryptocurrency acceptance and everything around it, right down to honing the necessary skills for users involved in crypto.
Bitget was officially set up in 2018. It is a top cryptocurrency exchange and Web3 business. It caters to more than 20 million users in more than 100 countries.
Bitget Wallet is a high-standard multi-chain crypto wallet that provides various all-inclusive Web3 services and functions like swap, NFT marketplace dApp browser, and many others. The company has associated with greats like Lionel Messi for spreading the message and connecting more users to crypto.
