Bitcoin and Ethereum have been the most traded digital currencies in the MENA region, multi-asset trading and investment specialist Saxo Bank said.

Through its Crypto FX platform, Saxo Bank noted that the majority of transactions were registered on Bitcoin with 57%, while Ethereum accounted for 40% of trading on the platform.

This came in line with witnessing global trading volumes surpassing $3.40 billion, of which $40 million was recorded in the MENA region since the initiation of Crypto FX in May 2022, according to a press release on Wednesday.

The platform allows clients to trade between crypto and the fiat currencies of USD, EUR, and JPY.

Saxo Bank added that the UAE has been a key player across the region in terms of the crypto-virtual asset space, topping interest among the MENA region as well as international clients.

CEO of Saxo Bank MENA, Damian Hitchen, said: “There is no doubt that the UAE is a leading global player in this space. We are seeing high levels of interest and trading from our own clients in this nascent asset class, and we understand the need to balance this increased demand for access with the regulatory and investor protections that are commonplace in more mature asset classes.”

In the last six months, regulators in both Dubai and Abu Dhabi greenlighted over 30 licenses for crypto-service providers, including global entities like Binance and Kraken which are launching their business in the UAE.

Earlier this year, Binance obtained its virtual asset licence from Dubai’s Virtual Asset Regulatory Authority (VARA) to expand its operations across the region.

On 16 June, Mubasher Group launched Du-Crypto digital currency trading platform to enable customers and investors across the MENA region to trade on cryptocurrency pairs with low trading fees.

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