Speed and transactional efficiency are the major drivers of fast accelerating adoption of cryptocurrencies in the Middle East, new research revealed.
A large chunk of Middle Eastern users also opts for digital currencies for privacy in transactions, reflecting the region’s strong preference for financial security and discretion.
A sizeable number of cryptocurrency users in the region, however, are concerned about security risks amidst the surge in phishing scams, exchange breaches, and Ponzi schemes, making security a top priority, the global study by Bitget Wallet, an arm of globally leading crypto exchange Bitget, said.
“Whether for personal savings, business dealings, or investment purposes, [Middle Eastern users] are increasingly preferring crypto as it offers a way to transact without excessive scrutiny or third-party oversight,” the study said.
“This also aligns with the growing demand for decentralized financial solutions in the region that put users in control of their wealth,” it said.
Bitget Wallet, however, said while crypto presents exciting financial opportunities, strengthening security education and implementing more user-friendly protections will be key to boosting confidence in crypto payments.
Many new users, unfamiliar with self-custody and private key management, remain vulnerable to cyber threats, it said.
High transaction fees are another barrier for wide-spread use of crypto transactions in the Middle East, as unpredictable costs reduce its appeal for users relying on crypto for remittances, business transactions, or daily payments, the study said.
“Many individuals and businesses face barriers in transferring funds across borders due to banking regulations or limited access to international financial networks.
“Crypto eliminates these restrictions, allowing users to send and receive money effortlessly, regardless of location. This has made digital assets particularly attractive for expanding business opportunities and enabling financial inclusion,” Bitget Wallet said.
It, however, pointed out that clearer regulations and enhanced legal protections will be essential for building trust, ensuring that crypto can evolve into a more secure and widely accepted financial tool in the region.
Africa, Southeast Asia lead crypto adoption globally for faster payments
The global study, based on a survey of crypto users across regions, also revealed varying regional adoption trends for crypto.
In emerging markets, users prioritize speed, accessibility, and cost-effectiveness, with Africa (52 percent) and Southeast Asia (51 percent) leading in demand for faster payments.
In contrast, developed markets like North America and Oceania (36 percent) emphasize the need for seamless global payments, reflecting different use cases across regions, the study said.
Cross-border payments are the major use cases for crypto transactions in Latin America (41 percent), though the region faces significant concerns over transaction fees.
Significantly, privacy concerns drive adoption in the Middle East (38 percent) and Western Europe (35 percent).
The study, however, said across regions, limited merchant acceptance – estimated at 31 percent – continues to be a major barrier, preventing crypto from being a widely used everyday payment method.
Lack of legal protection is another major obstacle for wider crypto adoption, with as much as 30 percent of Middle Eastern users highlighting it as a key concern.
“Unlike traditional finance, crypto transactions often lack consumer safeguards, leaving users exposed to fraud, disputes, or lost funds with no recourse,” Bitget Wallet said.
The study also revealed that some regions see crypto as an alternative financial system rather than just a payment method.
“In South Asia (38 percent) and Eastern Europe (34 percent), there is a strong preference for spending crypto, highlighting a shift toward treating it as functional money rather than just an asset,” it said.
Younger users more willing to integrate crypto into their daily financial activities
Generational differences in crypto usage revealed that Gen X (49 percent) prioritizes speed, while Millennials (42 percent) and Gen Z (39 percent) favour borderless transactions.
The study also showed that security concerns are highest among Gen X (42 percent), while Gen Z (36 percent) is more sensitive to transaction fees.
While younger users are more willing to integrate crypto into their daily financial activities, usability challenges and a lack of financial infrastructure remain key hurdles for broader adoption, Bitget Wallet said.
“Across generations, the top reasons for using crypto payments remain consistent, but key differences emerge in priorities,” it said.
The study said privacy and cost savings resonate across all age groups, with 37-40 percent citing privacy as a major factor and 37 percent appreciating lower transaction fees.
While all generations recognize the convenience of spending crypto without converting to fiat, Gen X and Millennials (39 percent) lead in this preference.
“These insights suggest that while Gen Z is more experimental, Millennials and Gen X see crypto as both a practical tool and a financial alternative, with speed, accessibility, and privacy driving adoption,” Bitget Wallet said.
Gen Z is also slightly more inclined toward crypto’s ability to bypass traditional financial systems, it said.
The study is expected to enable industry stakeholders to anticipate trends, refine user experiences, and develop solutions that enhance trust, usability, and global acceptance of crypto as a viable payment method.
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