Deel, a global HR platform driving the evolution of remote work has unveiled new research revealing the UAE is the frontrunner regarding employee cryptocurrency withdrawals within the GCC.
The new findings are in line with the UAE’s forward-looking approach to embracing innovation in the financial sector and creating regulatory frameworks that enable users to embrace new technologies with confidence.
The research highlights a growing level of adoption among individuals, who are now using cryptocurrencies as a viable medium for receiving employer payments. Conducting an extensive survey, Deel engaged with over 1600 employees and over 700 organizations in the UAE to gather valuable insights.
Within the GCC landscape, the UAE is currently leading the way (87%), with Saudi Arabia (8%) and Qatar (4.8%) following behind. Exploring the Deel data beyond the UAE, Egypt places itself in the spotlight by a substantial margin, witnessing over 25,000 employee withdrawals using crypto in the last 12 months. Tracking Egypt’s trajectory, the roster of pioneering nations also includes Morocco, and Lebanon, each carving its path towards cryptocurrency adoption.
Notably, Ethereum (ETH) claims the top spot as the preferred cryptocurrency for withdrawals, commanding 51.2%. The US Dollar backed stablecoin USDC follows suit at 24.5%, while Bitcoin (BTC) controls 20.2% of the landscape. Solana (SOL) and Dash wrap up the top five most used cryptocurrencies with 2.5% and 1.6%, respectively, contributing to the crypto withdrawals landscape.
Tarek Salam, 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.”
In the ever-evolving landscape of global finance, the UAE has embraced employee cryptocurrency withdrawals. As the UAE sets the pace, other nations in the Middle East and North Africa are reflecting the rise and growing acceptance of crypto. Ethereum’s prominence as the preferred cryptocurrency and the diverse utilization of other digital assets represents the dynamic nature of the elvolving financial landscape for both employers and employees who are adding cryptocurrencies to the payroll.