Bitget Research, the research arm of the world's leading cryptocurrency exchange and Web3 company Bitget, has released an in-depth report on cryptocurrency adoption in the Middle East region. The document delves into key aspects influencing the rate of adoption, as well as their impact on user behaviour. Key takeaways:In 2024, there was an average of 500,000 daily crypto traders locally, marking a 166% increase year-over-year.The UAE leads the region in crypto adoption, with 72% of local users investing in Bitcoin.Local countries predominantly rely on global centralised exchanges, with minimal demand for local exchange platforms.Crypto adoption in the region is projected to reach 700,000 daily traders by the end of 2024.This growth is attributed to favourable local crypto regulations, the approval of Bitcoin ETFs, and the increasing attractiveness of digital assets amid a market upturn. Centralised exchanges have seen the biggest inflow of users engaged in cryptocurrency trading in the six countries examined throughout the study, with over 500,000 daily active users on average in February of 2024, as compared to 300,000 in February of last year. The UAE has showcased the highest cryptocurrency adoption rate in the region. The approval of BTC Spot ETFs and the continuous rise in the total market value of cryptocurrencies is deemed to be the main contributor to such a rise in interest on the part of local users. The leading position of the UAE as a hub of crypto activity is not surprising, considering that it has the most crypto-friendly policies in the Middle East. In the meantime, most other countries are gradually improving their cryptocurrency regulations, moving from outright bans to a more compliant approach to stream new investments, projects, and users to their jurisdictions. The UAE has also seen the highest statistics in terms of interest towards cryptocurrencies, as 29% of users surveyed during the study believe that digital assets offer a more convenient way of holding assets. Another 34% of users are cryptocurrency traders, and 22% use them for daily payments. Users in the UAE have also expressed the highest willingness to invest in BTC and ETH, BTC being referred to as “digital gold” by UAE users, with 72% of the latter investing in the asset. The research revealed that Middle Eastern countries are heavily reliant on global-level centralised exchanges. Local exchange platforms are not even in the Top-10 in terms of absolute traffic. The Bitget research division has attributed such lacklustre values to the lower variety and liquidity of tradable assets on local exchanges compared to global exchanges, as well as the convenience of local currency deposit and withdrawal channels available on most global competing platforms. Decentralised exchanges are also among the go-to venues for users across the Middle East. The primary platforms for P2P trading are based on blockchains like Solana, BSC, and Ethereum, and include DEXs such as Uniswap, Pancakeswap, Raydium, and others. Decentralised exchange aggregators like 1inch and Jupiter are used to a lesser extent. Related analysis of user preferences has uncovered that Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet are the Top 5 wallets among users from the Middle East region. The report released by Bitget highlights in conclusion that cryptocurrency adoption rates in the Middle East are expected to continue rising from 330,000 daily active users in 2023 to around 700,000 by the end of 2024. The main factors influencing such growth are favourable crypto regulation in the analysed countries, as well as the investment attractiveness of digital assets as a whole in light of a market upturn. Gracy Chen, Managing Director of Bitget, states: "We are excited about the potential of the Middle East market and anticipate continued growth in both users and market size. The UAE, in particular, holds significant importance as a base within the region. It has emerged as a hub for cryptocurrency talents, funds, and enterprises, while also steadily gaining global influence in the crypto space. We look forward to contributing to and witnessing the further development of this dynamic market."

Bitget, the world's leading cryptocurrency exchange and Web3 company, has released insights on the growth recorded in Middle East and North African regions since its launch in November 2023. With over 2.5M users from the region, Bitget has now reached 25M users worldwide.Last year, Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. In the last six months, Bitget has grown its MENA trading volumes over 500% from its initial launch, aiming to bring in more localized solutions for its users.Sam A Spiers, Regional Director for Bitget MENA, states: “Bitget will strengthen its operations in the MENA region, leveraging the region's high adoption rates and crypto-friendly landscape. We are exploring blockchain and crypto projects to support home-ground projects for listing and providing more exposure to middle-eastern founders and products.”In February 2024, Bitget Research released a Bitcoin Halving report that highlighted over 80% of MENA investors considered the halving to have a significant price impact, while the recent Bitcoin’s bull run to renew its all-time high value was anticipated by 88% of investors — more than in any other region.There is higher optimism in comparison to the survey’s other regional participants, as MENA investors were the most willing to increase their crypto holdings, with 82% reporting affirmatively. In contrast, the global average didn’t exceed 70%.As part of its focus on the MENA region, Bitget has Arabic lingual support for its website and mobile application. Bitget users in the Middle East also benefit from zero fees for buying and selling cryptocurrencies through Bitget P2P, ensuring a seamless and user-friendly experience for traders. This week Bitget partnered up with OnRamp, the leading crypto payment solution provider allowing its users to buy and sell crypto using various local currencies, including AED and other fiat currencies.“With the MENA region representing a significant share of the global crypto transaction volume in 2023, it is poised to grow exponentially in the years to come. Bitget has already begun exploring license applications to operate in target Middle East markets. It's our priority to obtain operating licenses and support our users with a secure WEB3 platform.” Gracy Chen, Managing Director of Bitget.Bitget has been expanding its operational reach globally in recent months, including registering as a VASP (Virtual Asset Service Provider) in Poland and obtaining similar crypto registration in Lithuania. The new expansion plan in the Middle East complements Bitget’s launch in Türkiye, which now features full localization, including its Turkish website Bitgettr.com featuring tailored services for users in Türkiye.Bitget's growth plans consist of creating a seamless ecosystem of crypto products for users locally by personalising the platform offerings. Bitget recently launched a Ramadan campaign to celebrate the holy month with its users. Not just this, Bitget also offers 0 fees for buying Bitcoin and Ethereum on spot trading along with free bank transfers.

Bitget, the world's leading cryptocurrency exchange and Web3 company, has announced its strategic partnership with OnRamp, the leading crypto payment solution provider. With the integration, Bitget users can now buy and sell crypto using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert crypto to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget's current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees. This offer is designed to encourage more users to explore the world of crypto, breaking down entry barriers and enabling inclusivity."At Bitget we're constantly improvising our platform's abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we're accelerating an inclusive and global financial revolution," says Gracy Chen, Managing Director at Bitget.This is not the first time Bitget made moves to increase crypto accessibility via fiat. In March, Bitget Wallet Asia's premier Web3 wallet integrated with Onmeta, a leading fiat on and off-ramp solution. This integration provides a convenient gateway for users to purchase cryptocurrencies using local fiat currencies, covering 15 major blockchains and over 100 tokens.

Authored By Gracy Chen, Managing Director at Bitget, the world’s largest crypto copy trading platformIn 2023, Bitcoin surged over 130% from its 2022 lows, surpassing a $700 billion market cap. Bitget mirrored this momentum with an 82% increase in spot trading volume in November 2023. The global market cap declined in July and August and rose in September with the news of spot Bitcoin ETFs. Bitget and Bybit saw the highest market share growth in September. Highlighting the significant events and advancements of the crypto/blockchain industry in this year.The trends will change, the upcoming shifts in the market situation, and perhaps key events. In 2024, there will be six market catalysts for positive developments. It is expected that the Bitcoin ETF will receive SEC approval in January 2024. The market is currently optimistic, and following this, approval for an Ethereum ETF is anticipated. Institutions are considering using Bitcoin to achieve diversified asset allocation. The Ethereum Cancun upgrade is scheduled for the first quarter, during which Ethereum and L2 ecosystems will further unleash their potential. ZK L2 projects are expected to experience a token issuance boom. The issuer of the stablecoin USDC, Circle, is preparing for its initial public offering (IPO), potentially in the first half of 2024. Bitcoin will undergo a halving in 155 days, increasing the scarcity of Bitcoin. The FTX case is gradually entering its later stages, facing restructuring. As regulatory clarity emerges, it is expected to attract new retail funds. The US interest rate hiking cycle is reaching its end, and the market anticipates the first rate cut as early as May 2024.It is anticipated that next year, after the liquidation of the Bitcoin overhang from Mt.Gox and the US government's Silk Road seizure, a true bull market will emerge, accompanied by widespread adoption of cryptocurrencies and new innovations. We strongly believe that regulations worldwide have been extremely progressive with a focus on fostering innovation while safeguarding against risks. Regulatory frameworks are continuously evolving, with the possibility of changing crypto's landscape throughout the globe.