The United Arab Emirates (UAE), which is poised to become a global cryptocurrency hub, has approximately 11.4% of its citizens gotten involved in this sector. according To the Telecommunications and Digital Government Regulatory Authority.
Through the “Digital Lifestyle” 2022 report, the TDRA disclosed that this figure meant one in every ten people in the nation had cryptocurrency exposure. The UAE was ranked tenth for crypto investments.
Experts have praised the nation’s efforts to promote and adopt cryptocurrenciesThis initiative was spearheaded by Abu Dhabi Global Markets, Dubai Virtual Assets Regulatory Authority, and Abu Dhabi Global Markets.
Kraken, the world’s leading cryptocurrency exchange, joined forces with RAKBANK to make it possible for UAE residents to use their local bank accounts to trade crypto in dirhams.
This move was made to provide UAE residents with a seamless solution to quickly fund their crypto accounts using minimal foreign intervention. Blockchain.News reported.
On the basis of these friendly initiatives, Crypto.com and Bybit also made their way to UAE.
CNBC reported recently that Dubai is reaping the benefits of new tech investments. This is because Dubai has created the conditions for a post-pandemic boom by creating a business-friendly, low-tax environment. The city became a leading global tech hub thanks to crypto.
YouGov Survey Show more According to 67% of UAE residents, they are interested in entering the cryptocurrency industry within the next five year. It seems that the country has no limit in this area.
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