More than 11% of residents of the United Arab Emirates (UAE) have invested in cryptocurrencies, a report released by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA) has reportedly said. Globally, the United Arab Emirates now ranks tenth in terms of cryptocurrency investment rate.
UAE’s mission to become a global crypto hub
According to a study by the Telecommunications and Digital Government Regulatory Authority (TDRA), the telecommunications regulator of the United Arab Emirates, about 11.4% of the country’s residents invest in or own cryptocurrencies. With this proportion of residents exposed to crypto, the UAE now ranks among the top ten countries with the most crypto-investing residents.
According to a report in Khaleej Times, the findings of TDRA’s 2022 Digital Lifestyle Study suggest that the UAE may be well on its way to meeting its goal of becoming a global hub for digital assets. Furthermore, for some, the revelations in the TDRA’s Digital Lifestyle Report confirm the UAE’s decision to become one of the first countries to adopt and regulate cryptocurrencies.
Issuance of licenses to crypto platforms
One of the ways the UAE promotes or helps promote the use of cryptocurrencies is through the issuance of operating licenses to global cryptocurrency platforms. As reported by Bitcoin.com News, the UAE – through regulatory bodies such as the Virtual Assets Regulatory Authority (VARA) – has issued licenses to major crypto exchange platforms such as Binance, FTX and OKEx.
In addition, some crypto platforms have established operations in the country. In addition, through the Abu Dhabi Global Market (ADGM), the country is focusing on creating a regulatory and supervisory framework that meets global standards.
According to the Khaleej Times report, these could be some of the factors that propelled the UAE to its rank as the tenth leading country in terms of cryptocurrency investment.
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