Although Europe’s largest crypto platform and infrastructure provider, Bitpanda, only recently entered the UAE as Bitpanda MENA,it has long kept its finger on the regional market pulse preceding this expansion. Overseeing the company’s operations in the UAE and the wider region is Walid BenOthman, Managing Director of Bitpanda; he sheds light on the factors contributing to the country’s surge in cryptocurrency adoption, citing the nation’s forward-thinking agenda as a key catalyst.
Despite the global market’s fluctuating nature, revenue in the UAE’s crypto sector is expected to grow by 7.89% annually to reach $395.8 million by 2028, up from $292.1 million this year.With a 10% rate in the Middle East, crypto adoption is low but recent data indicates this trend won’t persist; according to Bitget Research, the average daily number of crypto traders in the region exceeded 500,000 in February, reflecting a 51% YoY (Year-over-Year) growth from 2023. During this period, the UAE has elevated regional growth by leading crypto adoption per capita with a 68% YoY rise in daily traders.
Walid explained: “Since its inception over 50 years ago, the UAE’s aim to diversify away from oil has been clearly outlined – and for decades, this governmental-led effort has been reinforced by various mandates, across several industries, to ensure Sheikh Mohammed’s vision of future-proofing the nation is realized. Crypto has increasingly become a part of this journey, with the UAE recognizing the enormous potential that it holds not only regionally but also globally. By initiating strategies to integrate crypto as a mainstay within its borders, the country is ushering in a new era to become a leading crypto hub worldwide.”
From the Dubai Blockchain Strategy to the Emirates Blockchain Strategy and most recently, the DMCC Crypto Centre, the nation’s pioneering efforts to embrace cryptocurrency is evident. According to Bitpanda, this is directly correlated to rising institutional adoption, as banks and financial services are actively pursuing ways to provide virtual asset services to their clients while also aligning with key priorities of the UAE. After achieving a record-setting revenue of AED 400 million in Q1 of 2024, Bitpanda has since reached a new milestone of 5,000,000 million total users as of Q2 while also securing DMCC licensing of its own. The company, as Bitpanda MENA, is now set to aid the UAE’s diversification efforts; nurturing its digitization efforts by unlocking digital assets for millions of investors.
