According to Saxo Bank press release utilizing data driven from its crypto FX platform, 400 million USD of crypto FX trading was recorded in the MENA region compared to global trading volumes surpassing 3.40 billion USD. These findings were recorded since the initiation of Crypto FX in May 2022.

Saxo Bank noted that Bitcoin and Ethereum were the most popular currencies being traded in the MENA region with 57 percent for Bitcoin and 40 percent for Ethereum. This is in line with global trading which puts Bitcoin-USD at 45 percent of crypto forex trading volumes and  Ethereum-USD at 44 percent volumes. 

Stanislav Kostyukhin, Commercial Owner, Trader, Saxo Bank, said: “These figures show the high interest in this nascent asset class within the region while also highlighting the confidence that investors have in our framework as the market continues to evolve.  Our crypto offering ensures clients have a fully compliant product, with best execution and best practice, an important framework in a space that is otherwise extremely volatile and unregulated.”

Damian Hitchen, CEO of Saxo Bank MENA, highlighted some of the major developments regionally which are helping to increase demand.  He 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.