Deel, a global HR platform that drives the evolution of remote work, has released new research showing that the UAE leads the GCC in employee cryptocurrency withdrawals. The findings align with the UAE’s forward-thinking approach to financial sector innovation and regulatory frameworks that enable users to adopt new technologies with confidence.
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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.
Among the countries in the GCC region, the UAE is currently leading the way with the highest percentage of cryptocurrency usage (87 percent), followed by Saudi Arabia (8 percent) and Qatar (4.8 percent). Looking beyond the UAE within the Deel data, Egypt stands out significantly, with over 25,000 employee withdrawals using cryptocurrency in the past year. Egypt’s trajectory in this regard is noteworthy, and it joins the ranks of pioneering nations such as Morocco and Lebanon, each carving its path towards cryptocurrency adoption.
Significantly, Ethereum (ETH) takes the lead as the favored cryptocurrency for withdrawals, accounting for 51.2 percent. Following closely is the US Dollar-backed stablecoin USDC, capturing 24.5 percent, while Bitcoin (BTC) holds a share of 20.2 percent. Solana (SOL) and Dash secure their positions in the top five most utilized cryptocurrencies with 2.5 percent and 1.6 percent, respectively, contributing to the landscape of crypto withdrawals.
Rapid surge
Tarek Salam, head of Expansion at 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.”
Amidst the constantly evolving global financial landscape, the UAE has embraced the concept of employee cryptocurrency withdrawals. Setting the pace for other nations in the Middle East and North Africa (MENA), the UAE’s adoption reflects the increasing prominence and acceptance of cryptocurrencies. Ethereum’s position as the favored digital currency, along with the diverse utilization of other digital assets, exemplifies the dynamic nature of the ever-changing financial landscape. This trend signifies the incorporation of cryptocurrencies into payroll systems, benefiting both employers and employees in the process.
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