11.4% of UAE residents have invested in cryptocurrencies – Featured Bitcoin News
Just over 11% of residents of the United Arab Emirates (UAE) have invested in cryptocurrencies, a report issued by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA) has reportedly said. Globally, the United Arab Emirates is now ranked tenth in terms of cryptocurrency investment rate.
UAE’s mission to become a global crypto hub
According to a study by the United Arab Emirates’ telecoms regulator, the Telecommunications and Digital Government Regulatory Authority (TDRA), around 11.4% of the country’s residents own or have invested in cryptocurrencies. With this share of citizens exposed to crypto, the UAE now ranks among the top ten countries with the most crypto-investing citizens.
According to a report in Khaleej Times, the findings of TDRA’s 2022 Digital Lifestyle study suggest that the UAE may be on track to meet its goal of becoming a global hub for digital assets. In addition, the revelations in TDRA’s Digital Lifestyle report seem to some to justify 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 United Arab Emirates has promoted or helped increase the use of cryptocurrencies is through the issuance of operating licenses to global cryptocurrency platforms. As has been reported by Bitcoin.com News, the UAE – through regulatory bodies such as the Virtual Assets Regulatory Authority (VARA) – has issued licenses to leading crypto exchange platforms such as Binance, FTX and OKX.
Furthermore, some of the crypto platforms have since established themselves in the country. Through the Abu Dhabi Global Market (ADGM), the country has also been focused 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 rank as the tenth leading country in cryptocurrency investment.
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