Despite the volatile nature of the global market, a study revealed on Wednesday that the UAE's crypto sector is projected to experience a yearly revenue growth of 7.89 percent, reaching $395.8 million by 2028, up from $292.1 million in the current year.
Crypto adoption in the Middle East stands at a modest 10 percent, but recent data suggests this trend is set to change. Bitget Research reports that the average daily number of crypto traders in the region surpassed 500,000 in February, marking a 51 percent Year-over-Year (YoY) increase from 2023. During this timeframe, the UAE has spearheaded regional growth in crypto adoption per capita, with a 68 percent YoY rise in daily traders.
"Since its establishment over 50 years ago, the UAE has explicitly aimed to diversify from oil, a goal that has been consistently supported by government initiatives across various sectors. Cryptocurrency has increasingly become part of this diversification strategy, with the UAE acknowledging its significant potential both regionally and globally. By implementing strategies to integrate crypto as a cornerstone within its economy, the country is positioning itself as a leading global crypto hub," explained Walid BenOthman, managing director of Bitpanda.
Founded in Vienna in 2014, Bitpanda is one of Europe's premier crypto brokers, offering a selection of over 2,800 digital assets, including more than 400 crypto assets and various stocks, ETFs, precious metals, and commodities. The company's comprehensive range of digital assets makes it a leader in the European fintech sector.
The UAE's commitment to cryptocurrency is evident through initiatives like the Dubai Blockchain Strategy, the Emirates Blockchain Strategy, and most recently, the DMCC Crypto Centre. Bitpanda notes that this commitment is closely tied to increasing institutional adoption, as banks and financial services actively seek to offer virtual asset services to clients while aligning with the UAE's key priorities. Following a record-breaking Q1 revenue of DH400 million in 2024, Bitpanda reached a new milestone of 5 million total users in Q2 and secured DMCC licensing. As Bitpanda MENA, the company is now poised to support the UAE's diversification efforts by facilitating access to digital assets for millions of investors.
