UAE Cryptocurrency Inflows Surpass $30 Billion, DeFi Adoption Outpaces Global Average

According to a recent Chainalysis report, the UAE received over $30 billion in cryptocurrencies between July 2023 and June 2024, placing the country among the top 40 crypto markets globally. The UAE has seen significant growth in cryptocurrency activities, driven by regulatory advancements, increased institutional interest, and heightened market activity.The report highlights that cryptocurrency acceptance among small and large retail investors surged by more than 75% year-on-year, while institutional investor participation increased by over 50%. As the third-largest crypto economy in the Middle East and North Africa region, the UAE’s crypto ecosystem stands out for its diversity.Notably, the UAE’s DeFi adoption rate exceeds the global average, with 32.4% of crypto transactions occurring through decentralized exchanges (DEX). The total value of cryptocurrency transactions conducted via DeFi services in the UAE grew by 74%, while token value through DEX surged by 87%, rising from $6 billion to $11.3 billion. The country’s expanding crypto activities have been fueled by its efforts to attract blockchain and cryptocurrency companies.