October 25, 2023

UAE Tops Arab Countries In Employee Crypto Withdrawals

Crypto in UAE

Crypto in UAE

Deel, a global HR platform leading the remote work revolution, has released a groundbreaking report showcasing the dominant position of the UAE in employee cryptocurrency withdrawals within the GCC region.

This is in line with the UAE’s forward-thinking approach to financial sector innovation and user-friendly regulatory frameworks. The report highlights the growing trend of using cryptocurrencies as a legitimate method for receiving employer payments.

Deel conducted an extensive survey that involved over 1,600 employees and 700 organizations in the UAE, which yielded valuable insights. In terms of the GCC landscape, the UAE is leading the way with 87%, followed by Saudi Arabia at 8% and Qatar at 4.8%.

Egypt stands out with over 25,000 employee withdrawals using cryptocurrencies in the past year. Other pioneering nations, such as Morocco and Lebanon, are progressing toward cryptocurrency adoption.

According to the report, Ethereum (ETH) is the most popular cryptocurrency for withdrawals, accounting for 51.2% of the total. It is followed by the US Dollar-backed stablecoin USDC, which makes up 24.5% of withdrawals, and Bitcoin (BTC), which accounts for 20.2%. Solana (SOL) and Dash are also among the top five, contributing 2.5% and 1.6%, respectively.

In this regard, Head of Expansion at Deel Tarek Salam highlighted the impressive growth of cryptocurrency adoption in the UAE and the wider region. He credited regulators with playing a commendable role in promoting greater participation in the cryptocurrency ecosystem, which has led to increased adoption in the Emirates and beyond.

The UAE is at the forefront of employee cryptocurrency withdrawals in the constantly evolving global financial landscape, with other Middle Eastern and North African countries also adopting this trend. The increasing popularity of Ethereum and the varied use of digital assets highlight the dynamic nature of the financial industry, where employers and employees incorporate cryptocurrencies in their payroll systems.

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