In the Middle East, there’s a surging interest in crypto markets and investments. Based on Bitget’s study, approximately 500,000 individuals trade cryptocurrencies daily in this region, signifying a burgeoning trend.
UAE Adopts Crypto-Friendly Rules
Based on recent studies, the United Arab Emirates stands out as having the most accommodating regulatory environment for cryptocurrencies. In contrast, other countries in the Middle East are progressively modifying their rules, moving away from complete bans towards compliance.
In the last few years, there has been a significant increase in the number of people using blockchain technology in the Middle East. These users tend to be drawn to platforms that enable them to engage in digital games, explore virtual worlds, and contribute to decentralized initiatives.
Retail Investors Hop Memecoins Bandwagon in the Middle East
In the Middle East, individual investors exhibit broader investment preferences and are open to experimenting with memcoins as potential investments. On the other hand, established institutions opt for trading more traditional crypto assets such as Bitcoin based on their underlying value.
In simple terms, the Middle East region contributes a relatively small percentage of around 7.2% to global cryptocurrency trading volume as of 2023. Yet, it holds significant importance in the crypto industry due to its lenient regulations and rapid growth. Countries like Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and the UAE were ranked 20th to 78th in Chainalysis’ Adoption Index for that year.
Middle East to Be a New Place for Crypto Mining?
Previously reported by CoinGape, major North American cryptocurrency mining companies are exploring new opportunities in areas with lighter regulations and abundant power sources. Companies such as Core Scientific, Riot Blockchain, Marathon Digital, and Argo Blockchain have shown interest in expanding their operations to Scandinavia, the Middle East, and other regions known for their lenient regulatory environments.
After China’s strict measures against cryptocurrency mining and the industry as a whole, there is an increased attraction towards Middle Eastern countries.
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2024-04-23 04:55