More than 11 percent of UAE residents have invested in cryptocurrencies, according to a report released by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA). Globally, the United Arab Emirates ranks tenth in terms of cryptocurrency investment.
UAE’s mission to become a global crypto hub
According to a survey by the UAE’s telecoms regulator, the Telecommunications and Digital Regulatory Authority (TDRA), 11.4% of the country’s residents own or invest in cryptocurrencies. With this proportion of residents exposed to crypto, the UAE is currently among the top ten countries with the most investing residents.
As reported in Khaleej Times, the findings of TDRA’s 2022 Digital Lifestyle Survey show that the UAE may be on track to achieve its goal of becoming a global hub for digital assets. Additionally, the revelations presented by TDRA’s digital lifestyle seem to some to confirm the UAE’s decision to become one of the first countries to adopt and regulate cryptocurrencies.
Licensing for Crypto Platforms
One of the ways that the United Arab Emirates promotes or helps to promote the use of cryptocurrencies is by granting operating licenses to international cryptocurrency platforms. As reported by Bitcoin.com news, the United Arab Emirates – through regulatory bodies such as the Virtual Assets Regulatory Authority (VARA) – has granted licenses to operate crypto exchange platforms such as Binance, FTX and OKX.
In addition, some crypto platforms have established operations in the country. Also, through the Abu Dhabi Global Market (ADGM), the country has focused on creating a regulatory and regulatory framework that meets international standards.
According to the Caliph Times, these may be some of the reasons why the United Arab Emirates has become the tenth leading country in cryptocurrency investments.
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