Crypto: 11.4% of UAE residents have invested in cryptocurrencies

Just over 11% of residents of the United Arab Emirates (UAE) have invested in cryptocurrencies. This finding is included in a report published by the Telecommunications and Digital Government Regulatory Authority. Globally, the UAE now ranks tenth in terms of cryptocurrency investment rate.

The ambition of the UAE in the crypto sphere

According to the UAE’s telecommunications regulatory authority, the Telecommunications and Digital Government Regulatory Authority (TDRA), around 11.4% of the country’s residents own or have invested in cryptocurrencies. With this proportion of residents exposed to cryptos, the UAE now ranks among the top ten countries with the most residents investing in cryptocurrencies.

According to a report by the Khaleej Times, findings from the ARDC’s 2022 Digital Lifestyle Study suggest that the UAE may be well on its way to achieving its goal of becoming a global hub for digital assets. Furthermore, the report’s revelations appear to point towards adoption by the UAE. The decision to become one of the first countries to adopt and regulate cryptocurrencies is self-explanatory.

The issuance of crypto platforms

There are several ways the UAE has encouraged the use of cryptocurrencies. Among these is the issuance of operating licenses to global cryptocurrency platforms. Through regulatory bodies such as the Virtual Assets Regulatory Authority, the Emirates has issued licenses to major cryptocurrency exchanges like Binance, FTX, and OKX.

Also, some of these cryptocurrency platforms have since set up operations in the country. Through the Abu Dhabi Global Market, the country is creating a regulatory and supervisory framework in line with global standards. According to the Khaleej Times report, this is likely one of the factors that propelled the UAE to its 10th-place ranking in terms of cryptocurrency investment.

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