The Middle East accounts for 7.5% of global cryptocurrency trading volume, with the UAE becoming an emerging crypto hub

According to ChainCatcher news, as reported by Cointelegraph, a report by Chainalysis states that from July 2023 to June 2024, the Middle East and North Africa region accounted for 7.5% of the global cryptocurrency trading volume. The total transaction amount during this period was $338.7 billion, with the vast majority of the trading volume coming from institutional and professional investors. The report indicates that an estimated 93% of the transaction amounts exceeded $10,000, while small retail investors only accounted for 1.8% of the trading volume in the region. The on-chain traffic in the region is primarily conducted through centralized trading platforms. However, the report also noted that the UAE and Saudi Arabia have shown "high interest" in decentralized platforms.

Chainalysis emphasized that the UAE has rapidly emerged as a global cryptocurrency hub due to its regulatory clarity and forward-looking attitude towards digital asset technology. In August 2024, the Dubai Court of First Instance ruled that cryptocurrencies can be a legal means of payment for employment contracts and recognized employees' rights to receive digital tokens as stipulated in legal work agreements.