Revenue Expected to Increase by 7.89% Annually, Reaching $395.8 Million by 2028.
Despite the global crypto market's volatility, the UAE's crypto sector is forecasted to grow at an annual rate of 7.89%, reaching $395.8 million by 2028, up from $292.1 million in 2024, according to a study released on Wednesday.
With only a 10% adoption rate in the Middle East, crypto usage remains low. However, recent data from Bitget Research indicates that this trend is changing. The average daily number of crypto traders in the region surpassed 500,000 in February, reflecting a 51% year-over-year growth from 2023. The UAE has been a key driver in this regional growth, showing a 68% year-over-year increase in daily traders per capita.
"Since its inception over 50 years ago, the UAE's goal to diversify away from oil has been clear, reinforced by various mandates across several industries. Crypto has increasingly become part of this journey, with the UAE recognizing its vast potential regionally and globally. By integrating crypto as a mainstay, the country is positioning itself as a leading crypto hub,"
said Walid BenOthman, managing director of Bitpanda.
Founded in Vienna in 2014, Bitpanda is one of Europe's leading crypto brokers, offering over 2,800 digital assets, including more than 400 cryptocurrencies, along with stocks, ETFs, precious metals, and commodities.
The UAE's commitment to embracing cryptocurrency is evident through initiatives like the Dubai Blockchain Strategy, the Emirates Blockchain Strategy, and the DMCC Crypto Centre. According to Bitpanda, this aligns with rising institutional adoption as banks and financial services seek to offer virtual asset services. Bitpanda achieved record revenue of AED 400 million in Q1 of 2024 and has reached 5 million users as of Q2, with DMCC licensing secured. As Bitpanda MENA, the company aims to support the UAE's diversification and digitization efforts, making digital assets accessible to millions of investors.
News Source: Khaleej Times
