Cryptocurrency interest grows in Middle East markets with 500,000 day traders
Cryptocurrency markets and investments are becoming increasingly popular in the Middle East. According to research by Bitget, there are currently around 500,000 daily cryptocurrency traders in the Middle East, making it a growing business.
UAE adopts cryptocurrency-friendly rules
According to the study, the United Arab Emirates boasts the most cryptocurrency-friendly regulatory framework, while other Middle Eastern countries are gradually improving their regulations, ranging from outright bans to compliance.
With a notable surge in on-chain users in recent years, Middle Eastern users prefer chains that allow them to participate in games, metaverses, and decentralized projects.
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Retail investors hop on the Memecoins bandwagon in the Middle East.
The study also highlights that retail investors in the Middle East have a wider range of interests and are willing to speculate in memecoins, while institutional users in the Middle East prefer trading underlying crypto assets such as Bitcoin.
The Middle East’s statistical performance in terms of overall volume and adoption is unremarkable compared to other regions of the world. In 2023, the Middle East and North Africa combined accounted for approximately 7.2% of global cryptocurrency trading volume. However, the Middle East continues to play an important role in the cryptocurrency industry due to its liberal regulations and rapid development. Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and the UAE ranked 20th, 35th, 47th, 57th, 66th, and 78th, respectively, in Chainalysis’ 2023 Adoption Index.
Will the Middle East become the new destination for cryptocurrency mining?
As CoinGape previously reported, large North American cryptocurrency miners are trying to enter regions with less regulatory pressure and more power resources. Cryptocurrency miners including Core Scientific, Riot Blockchain, Marathon Digital and Argo Blockchain have expressed interest in expanding into Scandinavia, the Middle East and other loosely governed regions.
This preference for Middle Eastern countries comes after China’s crackdown on cryptocurrency mining and the larger sector.
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The post Crypto Interest Rising in Middle East Markets with 500,000 Day Traders appeared first on CoinGape.
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