Deel, a global HR platform at the forefront of remote work evolution, has unveiled groundbreaking research showcasing the UAE’s prominent position in employee cryptocurrency withdrawals within the GCC.
This aligns with the UAE’s progressive approach to financial sector innovation and user-friendly regulatory frameworks.
The research spotlights the rising adoption of cryptocurrencies as a legitimate means of receiving employer payments. Deel conducted an extensive survey involving over 1,600 employees and 700 organizations in the UAE, yielding valuable insights.
In the GCC landscape, the UAE takes the lead with 87%, followed by Saudi Arabia at 8% and Qatar at 4.8%. Beyond the UAE, Egypt stands out with over 25,000 employee withdrawals using cryptocurrencies in the past year. Other pioneering nations, including Morocco and Lebanon, are forging their paths toward cryptocurrency adoption.
Ethereum (ETH) dominates as the top choice for withdrawals at 51.2%, followed by the US Dollar-backed stablecoin USDC at 24.5%, and Bitcoin (BTC) at 20.2%. Solana (SOL) and Dash round out the top five, contributing 2.5% and 1.6% to the crypto withdrawals landscape.
Tarek Salam, Head of Expansion at Deel, explained that the rapid growth of cryptocurrency adoption in the UAE and the broader region is truly remarkable. He added that regulators have played a commendable role in promoting greater participation in the cryptocurrency ecosystem, enhancing mass adoption in the Emirates and the region.
In the ever-changing global financial landscape, the UAE leads the way in employee cryptocurrency withdrawals, with other Middle Eastern and North African nations following suit.
Moreover, Ethereum’s prominence and the diverse use of digital assets reflect the dynamic nature of the evolving financial landscape for both employers and employees integrating cryptocurrencies into their payroll.
