May 18, 2023

UAE Tops World in Terms of Residents Holding Cryptocurrencies

Crypto in UAE

Crypto in UAE

Crypto ownership in the UAE is remarkably growing as 27.67% of its residents own crypto assets, according to data aggregated from the crypto platform TripleA. 

This percentage puts the UAE in first place globally in terms of the percentage of people who are owning crypto assets. TripleA reported that the Arab Gulf country has more than 2.6 million holders of cryptocurrencies, according to Cointelegraph

Vietnam and Singapore come in second and third place with percentages of 20.54% and 13.93%, respectively, followed by Iran, the United States, and the Philippines, by only a small margin.

The UAE has positioned itself as one of the emerging crypto hubs through its regulatory framework of digital assets through its pioneering institutions, including the Virtual Assets Regulatory Authority and Abu Dhabi Global Market, which supervise the virtual assets in the country. 

During the Dubai Fintech Summit, held earlier, prominent crypto leaders praised the UAE digital infrastructure as ideal for the prosperity of the crypto industry.

Co-founder of venture-building firm Crypto Oasis Saqr Ereiqat said the UAE took over the US position in the crypto industry as it followed a more proactive approach to regulating crypto, attributing the ideal environment for the crypto in the UAE to digital and regulatory infrastructure and its ability to attract a global pool of talent.

“The UAE’s regulatory framework is more streamlined and business-friendly, compared to the complex and fragmented regulatory environment in the US,” Ereiqat.

He also pointed to the great capital, which the region enjoys, which could encourage crypto businesses to raise funds for their projects, adding more than 1,800 Web3 organizations in the region are operating in the region currently, in addition to over 8,000 individuals working in the space.

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