As a part of its crypto-friendly regulations, the United Arab Emirates (UAE) has become a hub for the sector as a result of the worldwide cryptocurrency boom, making it a popular destination for digital currency enthusiasts.
Dubai and Abu Dhabi are competing for supremacy in the cryptocurrency market. Large exchanges, such as FTX, which was recently valued at $32 billion, are establishing themselves in Dubai.
Bitcoin tycoons mingle with Emirati royals, Wall Street bankers, and social media stars under the shadow of the sail-shaped Burj Al Arab hotel in the bustling metropolis.
The UAE has a large and reliable workforce. Traditional bankers’ interest in the industry is steadily growing and crypto businesses from all over the world have already started operations in the Gulf state.
Growing Interest In Crypto In The Gulf:
“We have a lot of interest from people from traditional financial institutions who want to work with us,” Richard Teng, the CEO of Binance MENA, said in an interview with Bloomberg. “A number of them” are already being recruited, he continued.
Former Emirates Investment Bank global markets chief Amir Tabch feels the traditional banking business and the crypto sector are not that dissimilar. He plans to recruit more bankers to “bridge the gap” between the two businesses, according to a report.
Dubai and Abu Dhabi have given over 30 digital currency exchange licenses and established new laws in the last several months.
UAE Is Middle East’s Third-largest Crypto Market:
The UAE’s total private wealth climbed by $47 billion between 2019 and 2021, according to the Global Citizens Report, as over 5,600 billionaires came to the nation.
According to Chainalysis, the UAE is the third-largest crypto market in the Middle East, after Turkey and Lebanon, with a transaction volume of around $26 billion from July 2020 to June 2021.
According to the report, while the region’s crypto footprint is minor on a worldwide scale, it expanded by roughly 1,500 percent over the previous year.
