UAE has emerged at the top spot among countries in the region for employee cryptocurrency withdrawals, according to new research by HR platform, Deel.
The research reveals that UAE is leading the way with 87 percent over Saudi Arabia at 8 percent and Qatar at 4.8 percent. Ethereum emerged as the preferred virtual currency with withdrawals of over 51 percent followed by USDC and Bitcoin.
Tarek Salam (below), Head of Expansion from Deel, said: “The Deel research provides an interesting window on the latest trends within the employment sector. It is truly great to witness the rapid surge in cryptocurrency adoption within the UAE and the wider region.
“The regulators have played a commendable role in encouraging greater participation in the cryptocurrency ecosystem and it’s a trend that we will be watching with interest as adoption continues to grow.”
Egypt stood at a notable sport, according to the data, witnessing over 25,000 employee withdrawals in 12 months. Morocco and Lebanon have also made significant strides in cryptocurrency adoption.
UAE’s lead is attributed to the country’s forward looking approach to financial innovation and leading the space with regulatory frameworks allowing confidence in the adoption of new technologies.
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