Interest in Cryptocurrency Surges Across the Middle East, Attracting 500,000 Daily Traders
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Interest in cryptocurrency markets and investments is on the rise within the Middle East. Recent studies, including one from Bitget, reveal that the region sees approximately 500,000 individuals trading digital currencies on a daily basis, indicating a burgeoning sector.
Crypto Regulations Embraced by the UAE
Data suggests that the United Arab Emirates is leading the Middle East with its welcoming stance on cryptocurrency regulations. As the regulatory environment evolves across the region, countries are shifting from outright bans towards a regulated acceptance of digital currencies.
Recent years have seen a rise in on-chain activity, especially among Middle Eastern users who favor blockchain technologies that support gaming, the burgeoning metaverse, and decentralized applications.
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Middle Eastern Retail Investors Show Interest in Memecoins
Insights from the research indicate that Middle Eastern retail investors are diversifying their interests, including speculation in trending memecoins. On the other hand, institutional investors in the region tend to focus on core cryptocurrencies like Bitcoin.
Though the Middle East’s contribution to global crypto volume is modest at about 7.2% as per 2023 figures, the region is notably influential in the crypto sphere due to its progressive regulations and rapid growth. In the Chainalysis 2023 Adoption Index, countries like Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and UAE earned the ranks of 20th, 35th, 47th, 57th, 66th, and 78th consecutively.
A New Destination for Crypto Mining in the Middle East?
As reported earlier by CoinGape, prominent North American cryptocurrency miners are exploring new regions with favorable regulatory climates and abundant energy resources. Following China’s restrictive actions on crypto mining, mining companies such as Core Scientific, Riot Blockchain, Marathon Digital, and Argo Blockchain have shown interest in establishing operations in Scandinavian countries and the Middle East.
The draw to the Middle East for these companies is evident as they search for strategic mining locations post China’s clampdown on the industry.
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