United Arab Emirates, +11% of residents have cryptocurrencies!

The United Arab Emirates (UEA) is increasingly becoming a central place in the adoption of cryptocurrencies. According to a study by the Telecommunications and Digital Government Regulatory Authority (TDRA), more than 11% of UAE residents own or have used cryptocurrencies. This ranks the country tenth in the world in terms of digital asset adoption.

UAE, future global leader in blockchain and cryptocurrencies

The Telecommunications and Digital Govnment Regulatory Authority (TDRA), the government institution in charge of telecommunications regulation and digital governance has released Digital Lifestyle 2022, a report on digital life in the UAE in 2022.

According to the report, the adoption of cryptocurrencies is progressing with great pomp in the UAE. It is no less than 11.4% of residents in the UAE have invested in cryptocurrency (ed. note chief: obviously the Coinpri team is in it), which ranks the country tenth in global adoption.

The United Arab Emirates, a crypto-friendly country

The continued rise in the use of cryptos in the UAE could be justified by measures to clean up the business climate for investors in the crypto ecosystem in the country. In the first quarter of 2022, the UAE passed a crypto-friendly law and set up a state institution to ensure its effective implementation as well as the development of the sector.

The TDRA that was thus established has taken a number of steps to promote the use of cryptocurrencies. In particular, this public institution has issued licenses to major crypto exchange platforms such as Binance, FTX, Coinema and OKX.

In addition, through the Abu Dhabi Global Marketplace (ADGM), the country has focused on creating a regulatory and oversight framework that is in line with global standards. These and several other measures are increasingly attracting crypto ecosystem operators to the UAE. Initiatives to make crypto more accessible and mainstream are growing.

Last month, for example, Virtuzone, the leading provider of business startup services in the United Arab Emirates (UAE), and Binance, partnered to allow business founders to pay fees in cryptocurrencies via Binance Pay.

The UAE is aggressively pursuing the ambition of becoming a global cryptocurrency hub. Initial steps taken to regulate and clean up the sector are already bearing fruit. As the vice president of the European Parliament stated in an exclusive interview with coinpri, the UAE could become the crypto capital of the world within a few years. Coinpri as a Dubai based media will of course be there to provide you with the upcoming news.