On April 22, Bitget Research Institute released a report on the Middle East market analysis. The current situation in the region is comprehensively analyzed from the dimensions of the overall situation of the Middle East market, the characteristics of cryptocurrency users, the competitive landscape, and the advantages of various platforms. The Middle East is an emerging market for cryptocurrency. At present, the average number of people participating in transactions in the region has reached about 500,000 per day; among them, the UAE has the highest cryptocurrency penetration rate in the Middle East. UAE users are most inclined to invest in BTC and ETH, among which BTC is called "digital gold" by UAE users, and 72% of users invest in BTC.
From the overall situation of the market, the total volume and acceptance of cryptocurrency in the Middle East are in a rapid growth stage. From the perspective of the regulatory environment, the UAE has the most friendly cryptocurrency policy, while the cryptocurrency policies of most other Middle Eastern countries have gradually improved, from the early explicit prohibition to the gradual compliance.
The penetration rate of Middle Eastern users participating in various on-chain applications has increased significantly. "Airdrop" and "on-chain mining" may become hot words on social media, and interest in the DePin track has only increased. From the perspective of centralized exchange preferences, the traffic of centralized exchanges in the Middle East has shown a fluctuating upward trend in the past year, and the demand for the use of centralized exchanges by Middle Eastern users is significantly higher than that of decentralized exchanges. In addition, the most commonly used wallets are Trust Wallet, MetaMask, Phantom, Coinbase Wallet, Bitget Wallet, etc.
Brian