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The United Arab Emirates stands out as the foremost Middle Eastern nation in the adoption of Web3 within the financial sector.
Researchers from Bitget Research released a report detailing their findings on Middle Eastern nations in relation to the overarching trends observed in the regional digital asset markets. As of February 2024, the average daily count of active users from the area engaging in cryptocurrency trading on centralized exchanges (CEXs) was around 417,000.
Morocco experienced the most significant increase in user numbers among regional countries, achieving a 148% year-over-year growth, followed by Egypt and the UAE with increases of 72% and 68%, respectively.
The report indicates that the UAE is at the forefront of crypto adoption levels among Middle Eastern nations. Analysts attribute this to the sector’s well-established legal framework, which is marked by a supportive stance towards the Web3 industry.
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Citizens of the UAE utilize cryptocurrencies for various purposes, which include:
- speculative trading — 34%;
- asset storage — 29%;
- payment methods — 22%.
P2P payments are the most prevalent type of trading transaction in the country. Bitcoin (BTC) is the most favored digital asset, with 72% of crypto users in the UAE holding it. Approximately 17.15% of the thematic traffic in the UAE originated from the DEXTools trading platform, which is the most popular among all Web3 solutions. Following this, the analytical service DEX Screener accounts for 16.23%, while the NFT marketplace OpenSea ranks third at 14.06%.
Users in the Middle East primarily obtain information about the cryptocurrency market through social media platforms X (formerly Twitter) and YouTube, predominantly in Arabic. Telegram and English-language resources also enjoy popularity in the UAE, which is distinctive compared to other nations.
In recent years, UAE authorities have been proactively engaged in establishing a global cryptocurrency hub within the country. Consequently, legislation concerning the digital currency market is being formulated at both the national level and within specific economic zones, such as the Dubai International Financial Center (DIFC). This initiative has positioned the UAE as a key player in the Web3 economy.
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