Country ranks 10th globally in terms of investments in virtual currency
Around 11.4 per cent of the UAE residents have invested in cryptocurrencies, said the Telecommunications and Digital Government Regulatory Authority (TDRA).
This means one out of 10 people in the UAE have exposure to cryptocurrencies, ranking the country 10th globally in terms of investments in cryptocurrencies, according to TDRA’s “Digital Lifestyle” 2022 report.
The UAE is set to become the global hub for cryptocurrencies and experts have lauded the country’s role in promoting and adopting virtual currencies as a number of digital asset exchanges and crypto firms have launched their operations in the country, thanks to Abu Dhabi Global Markets and Dubai Virtual Assets Regulatory Authority.
Some of the major companies such as the world’s largest digital asset exchange Kraken, global cryptocurrency platform crypto.com, Singapore-based cryptocurrency exchange business Bybit and many others have made the UAE their home.
The Dubai MultiCommodities Centre (DMCC) – a free zone dedicated to commodities trade and enterprise – launched the DMCC Crypto Centre, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. The Centre has successfully registered thousands of digital asset exchanges and cryptocurrency firms.
According to a Gemini survey, the UAE is the third biggest country in the world in terms of crypto adoption with 35 per cent already owning some form of cryptocurrency.