Just over 11% of United Arab Emirates UAE residents have invested in cryptocurrencies, a report issued by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA) has reportedly stated. Globally, the United Arab Emirates is now ranked tenth when it comes to cryptocurrency investment rates.
UAE’s Mission to Turn into a Global Crypto Hub
In response to a study by the United Arab Emirates telecoms regulator, the Telecommunications and Digital Government Regulatory Authority (TDRA), about 11.4% of the country’s residents own or have invested in cryptocurrencies. With this proportion of residents uncovered to crypto, the UAE now ranks among the top ten nations with essentially the most crypto-investing residents.
As per a report in the Khaleej Times, the findings of the TDRA’s 2022 Digital Lifestyle study recommend that the UAE could also be on track to satisfy its aim of turning into a global hub for digital assets. As well as, the revelations in the TDRA’s Digital lifestyle report to appear to vindicate the UAE’s determination to turn into one of the first international locations to adopt and regulate cryptocurrencies.
Issuing of Licenses to Crypto Platforms
One of the ways the UAE has been selling or helping to spice up the usage of cryptocurrencies is through issuing of working licenses to international cryptocurrency platforms. As has been reported by Bitcoin.com News, the UAE — via regulatory bodies just like the Digital Assets Regulatory Authority (VARA) — has issued licenses to leading crypto exchange platforms like Binance, FTX, and OKX.
Moreover, some of the crypto platforms have since set up operations in the nation. Additionally, via the Abu Dhabi Global Market (ADGM), the nation has been targeted on creating a regulatory and supervisory framework that meets international requirements.
In response to the Khaleej Times report, these could also be a few of the factors that propelled the UAE to its rank as the tenth leading country in terms of cryptocurrency investments.
