Revenue in the crypto trading market in the UAE is expected to reach US$395.8 million by 2028, a 7.98% annual increase from the current level of $292.1 million.
The figures, provided by Statista, have been welcomed by the various service providers in the crypto trading market, especially those that are looking to expand in the Mena region.
Crypto has increasingly become a part of [the effort to diversify away from oil], with the UAE recognizing the enormous potential that it holds not only regionally but also globally,” said Walid BenOthman, managing director of Bitpanda, the crypto custodian that has only recently entered the UAE market.
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“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.”
Othman cited various government initiatives such as the Dubai Blockchain Strategy to the Emirates Blockchain Strategy and most recently, the DMCC Crypto Centre, are directly correlated to rising institutional adoption.
Bitpanda will be joined in the UAE by CoinDCX, the largest crypto exchange in India, which has acquired BitOasis, the crypto platform with the highest trading volume in Emirati dirhams in the region.
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The purchase follows CoinDCX’s strategic investment in BitOasis in August 2023. It also comes on the back of BitOasis reopening its platform in Dubai and gaining a licence in Bahrain.
“Our expansion strategy begins with the Mena region, capitalising on its mature market and the population’s keen interest in crypto investment,” said Sumit Gupta, co-founder of CoinDCX.