UAE - Mubasher: The revenue in the UAE’s crypto sector is expected to grow by 7.89% year-on-year (YoY) to $395.80 million by 2028, up from $292.10 million in 2024.

Bitpanda, Europe’s largest crypto platform and infrastructure provider, recently entered the UAE to boost regional expansion, according to a press release.

Walid BenOthman, Managing Director of Bitpanda, oversees the company’s operations in the UAE and the wider region, highlighting the factors contributing to the country’s surge in cryptocurrency adoption.

BenOthman indicated: “Since its inception over 50 years ago, the UAE’s aim to diversify away from oil has been clearly outlined3 - 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 recognising the enormous potential that it holds not only regionally but also globally,” he added.

The Managing Director highlighted: “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 hub4 worldwide.”

Representing a 10% rate in the Middle East, crypto adoption is low but recent data indicates this trend will not persist.

Bitget Research2 underlined that the average daily number of crypto traders in the region exceeded 500,000 in February, reflecting a 51% YoY growth from 2023.

During this period, the UAE boosted regional growth by leading crypto adoption per capita with a 68% YoY leap in daily traders.

After achieving a record-setting revenue of AED 400 million in the first quarter (Q1) of 2024, Bitpanda has since reached a new milestone of 5 million total users as of Q2.

The company, Bitpanda MENA, is now set to anchor the UAE’s diversification efforts by unlocking digital assets for millions of investors.