• 11.4% of UAE residents have made cryptocurrency investments

  • According to research provided by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA), little more than 11% of UAE residents have invested in cryptocurrency. The United Arab Emirates is presently ranked ninth in the world in terms of cryptocurrency investment rate.

    The UAE’s Goal to Become a Global Crypto Hub

    According to research conducted by the Telecommunications and Digital Government Regulatory Authority (TDRA) of the United Arab Emirates, around 11.4% of the country’s population own or have invested in cryptocurrencies. With this proportion of residents exposed to cryptocurrency, the UAE is already among the top ten countries in terms of crypto-investing residents.

    According to the conclusions of TDRA’s 2022 Digital Lifestyle study, the UAE may be on track to achieve its aim of being a global center for digital assets. Furthermore, the TDRA’s Digital Lifestyle study appears to validate the UAE’s decision to be one of the first countries to adopt and regulate cryptocurrencies.

    Providing Licenses to Crypto Platforms

    The UAE has promoted or helped to increase the usage of cryptocurrencies by giving operating licenses to global cryptocurrency platforms. The UAE has awarded licenses to leading crypto exchange platforms such as Binance, FTX, and OKX through regulatory agencies such as the Virtual Assets Regulatory Authority (VARA).

    Furthermore, other cryptocurrency platforms have since established operations in the country. Furthermore, the country has concentrated on developing a regulatory and supervisory structure that matches global standards through the Abu Dhabi Global Market (ADGM).

    These are some of the causes that have catapulted the UAE to tenth place in terms of bitcoin investments.

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