According to fintech company Bitpanda, the revenue in the UAE’s crypto sector is projected to grow by 7.89 percent year-on-year (YoY). It is expected to reach $395.80 million by 2028, up from $292.10 million in 2024.
Bitpanda Monitors Crypto Market in the Middle East
Bitpanda, a leading Europe-based crypto platform and infrastructure provider, recently expanded into the UAE as Bitpanda MENA. The company has been closely monitoring the regional market ahead of this expansion. Walid BenOthman, managing director of Bitpanda, recently noted the factors driving the country’s increase in cryptocurrency adoption.
UAE’s Role in Crypto Diversification and Integration
BenOthman noted that the UAE’s long-standing goal is to diversify its economy away from oil. This has pushed innovation across multiple industries. He added that cryptocurrency has increasingly become a significant part of this journey, with the UAE acknowledging its immense potential both regionally and globally.
The Managing Director emphasized that by implementing strategies to integrate cryptocurrency as a key component within its borders, the UAE is ushering in a new era and positioning itself to become a leading global crypto hub.
Crypto Adoption in the Middle East
While cryptocurrency adoption in the Middle East currently stands at 10 percent, recent data suggests that this trend is set to increase.
According to Bitget Research, the average daily number of crypto traders in the region surpassed 500,000 in February. This marks a 51 percent year-on-year growth from 2023. During this period, the UAE significantly contributed to regional growth by leading in crypto adoption per capita, with a 68 percent year-on-year increase in daily traders.
In the second quarter of 2024, Bitpanda has reached a new milestone of 5 million total users. This comes after the company recorded a tremendous revenue of AED 400 million in the first quarter of 2024. Additionally, Bitpanda MENA is set to support the UAE’s diversification efforts by unlocking digital assets for millions of investors.
The UAE’s commitment to embracing cryptocurrency is seen in projects like the Dubai Blockchain Strategy, the Emirates Blockchain Strategy, and the DMCC Crypto Centre. According to Bitpanda, this reflects a growing institutional adoption trend, with banks and financial services actively seeking to offer virtual asset services to their clients while aligning with key UAE priorities. After achieving record revenue of AED 400 million in Q1 of 2024, Bitpanda has now surpassed 5 million total users as of Q2, alongside securing its own DMCC licensing.
Final Words
Over the past couple of years, the UAE has made a conscious effort of creating a crypto-friendly environment. Hence, it should not be surprising the country is set to record 7.79% growth in the crypto space.
Frequently Asked Questions
Does the UAE use cryptocurrency?
Yes, the UAE uses cryptocurrency.
How many People own Crypto in the UAE?
There are about 30.4% of people own crypto in the UAE.
What is the volume of UAE Crypto Trading?
The UAE crypto trading is about $25 billion.
Which Crypto Wallet can I use in the UAE?
Some of the crypto wallets you can use in the UAE include Binance Wallet, Ledger, Trust Wallet, etc.
Can you pay with Crypto in the UAE?
Yes, you can pay with crypto in the UAE
Is Binance available in the UAE?
Yes, Binance works in the UAE.
Does Arab use Bitcoin?
Yes, Arabs use Bitcoin.
