January 19, 2023

Over 1,650 Organizations Became Part of UAE Blockchain Ecosystem by 2022

Crypto in Dubai

Crypto in Dubai

Over 1,650 organizations were identified as part of the UAE blockchain ecosystem by the end of 2022, according to Crypto Oasis.

In its Ecosystem Report 2022, the MENA-focused blockchain ecosystem said this number exceeded the 1,500 forecasts for 2022, as the organizations are growing more than expected previously, according to Khaleej Times.

Crypto Oasis monitored a 13.6% growth in the UAE blockchain ecosystem, a matter which proves the UAE’s keenness to facilitate blockchain-related companies securing licenses and operating in the country. In addition, more than half (68%) of the 1,650 organizations (1,126 organizations) are native ones, while 32% of them (525 organizations) are not native.

The Dubai-based venture-building company pointed out that more than 8,300 individuals are working in the blockchain industry in the UAE by the end of the past year. Around 78% of these individuals are working at native blockchain organizations and only 22% are working at not native ones.

On the top, the Dubai Multi Commodities Centre (DMCC) is now the home of more than 500 crypto firms, the biggest gathering of crypto and blockchain companies in the region. Crypto Oasis has added 200+ new organizations in the fourth quarter of 2022.

Commenting on the report, Founder of Crypto Oasis Ralf Glabischnig expressed his excitement for the growing number of new organizations, which adds more diversity to the UAE blockchain ecosystem, adding: “The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media. However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption…we work to improve Web3 and decentralized technologies.”

Meantime, Co-Founder of Crypto Oasis Saqr Ereiqat said the UAE is committed to taking further steps to be a global digital economy hub, citing the inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda “D33.”

Ereiqat noted that the UAE Ministry of Economy is one of the first government entities in the world to be active in the metaverse as it released its strategy for the digital economy that seeks to double the contribution of the digital economy from 9.7% to 19.4% in the coming ten years.

The Crypto Oasis ecosystem is dedicated to building and strengthening the infrastructure for decentralized technologies in the region.

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