In the UAE, with the advent of the digital age, the tradition of gifting money to younger family members during Eid is being redefined. The UAE continues to lead in cryptocurrency adoption in the Middle East and North Africa region, bringing a new twist to the traditional festival "Eidiya" (gifts of money to younger family members during Eid) this year. Eidiya is rooted in the spirit of generosity, symbolizing blessings and prosperity.
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03-31, 2025So, what if this year's Eidiya was not just something that disappears in toy stores or snacks, but instead appreciates in value over time? Nadeem Ladki, Global Head of Bitpanda Technology Solutions, said: "Giving digital assets this Eid not only respects tradition but also gives the recipient a stake in the burgeoning digital economy. In fact, if you gave your loved ones 100 dirhams worth of Bitcoin last Eid, it would now be worth 124 dirhams, an overall increase of 24%, highlighting the potential of digital assets as a meaningful and forward-thinking gift."
The latest data shows that downloads of the top 49 cryptocurrency applications in the UAE surged to 15 million in 2024, a year-on-year increase of 41%. In January 2025 alone, the country recorded 3.55 million cryptocurrency application installations, highlighting a clear demand for digital assets. With user penetration expected to reach 39.1% by the end of 2025, cryptocurrency is no longer a fringe trend but is becoming the new normal.
The growth of cryptocurrency applications in the UAE is supported by a strong foundation. The Dubai Financial Services Authority (DFSA) continues to expand its list of recognized cryptocurrency tokens, and the Abu Dhabi Global Market (ADGM) has launched the world's first DLT Foundation framework, providing a legal structure for blockchain-based organizations. In addition, the Central Bank of the UAE recently approved AE Coin, the country's first dirham-pegged stablecoin, enabling faster and more economical digital transactions. Ladki added: "The UAE's proactive regulatory environment makes it a leader in the global digital finance landscape."
In 2024 alone, the UAE attracted over $30 billion in cryptocurrency investment, solidifying its position among the top ten countries in the world for cryptocurrency adoption. The Middle East and North Africa region accounts for 7.5% of global cryptocurrency transaction volume, reflecting its rapidly growing role in the global digital finance sector. The Henley & Partners Cryptocurrency Adoption Index shows that the UAE has also become the third-highest country in terms of cryptocurrency adoption rate, behind only Singapore and Hong Kong. With its proactive regulatory framework, significant investment in technology infrastructure, and entrepreneurial culture, the country has established a reputation as a global hub for cryptocurrency enthusiasts, blockchain startups, and institutional investors.
