The Middle East’s crypto market sees a surge with 500,000 daily traders, with the UAE’s crypto-friendly regulations standing out, according to Bitget research, as on-chain users prefer chains supporting games, the metaverse, and decentralized projects.
Retail investors in the Middle East embrace memecoins, contrasting with institutional users favoring Bitcoin. Despite ranking from 20th to 78th in global adoption, the region’s liberal regulations attract miners post-China’s crackdown.
The Middle East’s crypto volume is modest, at 7.2% globally, but its liberal regulations and swift progress make it significant. Chainalysis ranked Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and the UAE in the top 100 for crypto adoption.
Notably, North American miners are eyeing the Middle East for crypto mining due to favorable regulations and ample power resources, driven by China’s crackdown on mining. This shift reflects the region’s emerging role in the crypto industry.
The Middle East’s crypto market is growing, driven by regulatory support, diverse user interests, and interest from global miners seeking new opportunities.
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