Dubai: The UAE is the third largest crypto economy within the MENA markets, receiving $34 billion in cryptocurrencies between July 2023 and June 2024. The 42% year-on-year growth is significantly higher than the MENA average of 11.73%, according to Chainalysis’ latest Geography of Crypto Report.
“The UAE continues to experience rapid growth in the crypto space, driven by a combination of regulatory innovation, institutional interest, and expanding market activity,” said Eric Jardine, the company’s Lead on Cybercrime Research. “Unlike most countries, the UAE’s crypto activity is growing across all transaction size brackets, signaling a more balanced and comprehensive adoption landscape.”
In the UAE, small retail (under $1,000) and large retail ($1,000-$10,000) crypto transactions each increased by over 80%.
The number of professional ($10,000-$1 million) and institutional ($1 million to $10 million) sized transfers also increased by 46.30% and 55.07%, respectively.
“This well-rounded growth across all value segments stands in contrast to the trend in the broader MENA region, where the majority of crypto activity was driven by institutional and professional-level activity, with 93% of value transferred consisting of transactions of $10,000 or above,” the report notes.
“This suggests that a broader demographic in the UAE utilises cryptocurrencies, indicating a high degree of market maturity.”
