Read how crypto is being received in UAE with our UAE crypto news and understand the crypto market fluctuations easily.

UAE Crypto News

The leading cryptocurrency exchange Binance announced it became the first crypto exchange in the world that obtained the Operational Minimum Viable Product (MVP) license from Dubai&#8217;s Virtual Assets Regulatory Authority (VARA).



According to a press release by Binance, the MVP license will allow Binance to provide crypto-related services, approved by the emirate, including exchange and broker-dealer services — initially to institutional and qualified retail investors. Binance was permitted by VARA to conduct virtual asset exchange and virtual asset broker-dealer services in Dubai. These services are only available to institutional and qualified retail investors.



<a href="https://upyo.com/en/news/tags/binance" target="_blank" rel="noreferrer noopener">Binance</a>&#8216;s securing of the MVP license came after it had successfully secured the provisional MVP license in March 2022 and a preparatory MVP license in September 2022.



&#8220;This landmark development underscores our dedication to building a compliant exchange in partnership with local regulators and within Dubai&#8217;s unique regulatory framework for Virtual Asset Service Providers (VASPs),&#8221; Binance said.



In this regard, Head of Regional Markets at Binance Richard Teng noted: &#8220;Our priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance.&#8221;



Meanwhile, Binance Dubai’s General Manager Alexander Chehade pointed out that Dubai positioned itself as a <a href="https://upyo.com/en/news/tags/dubai-crypto" target="_blank" rel="noreferrer noopener">global crypto hub</a> over the past few years, expressing his excitement about growing his company&#8217;s operations in Dubai.



Cointelegraph clarified to invest in Binance Dubai, an individual must have the designation of a &#8220;qualified retail client.&#8221; Those who are eligible must be at least 21 years old and able to provide evidence of having 500,000 <a href="https://upyo.com/en/news/tags/uae-crypto" target="_blank" rel="noreferrer noopener">United Arab Emirates</a> dirhams ($136,000) in net liquid assets. This evidence can be in the form of bank statements and proof of funds.

Binance Dubai

Crypto

Dubai Regulatory Grants Binance MVP License To Offer Crypto Services

The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority granted the first Financial Services Permission (FSP) for cryptocurrency company Rain to offer brokerage and custody services to residents in the UAE.



In a statement, Rain said the regulatory authority&#8217;s permission allows institutional and a limited number of retail clients who are UAE residents can buy, sell, trade, and store virtual assets through seamless fiat-to-virtual asset transfers in AED.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Rain Trading Limited (Rain ADGM) has been granted the first Financial Services Permission (FSP) by Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate a virtual assets brokerage and custody service. <a href="https://t.co/EyxCj4HbNy">pic.twitter.com/EyxCj4HbNy</a>&mdash; Rain (@rain) <a href="https://twitter.com/rain/status/1683762713078423553?ref_src=twsrc%5Etfw">July 25, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Rain CEO Joseph Dallago said his company teamed up with a local bank to easily offer services to ensure the protection of the consumers through the supervision of a local regulator and thorough legal framework.



&#8220;This is a five-year effort, as we were one of the first exchanges to enquire about licensure back in 2018 when the ADGM released their virtual asset framework,&#8221; Dallago noted.



The Bahraini-headquartered crypto firm mainly focuses on offering <a href="https://upyo.com/en/news/tags/uae-crypto" target="_blank" rel="noreferrer noopener">crypto</a> services across the Middle East and Turkey.



It is worth mentioning that the ADGM Financial Services Regulatory Authority granted the same approval for Binance in November 2022 to offer cryptocurrency custodial services to professional clients after meeting the requirements.



Despite granting FSPs for Binance and Rain, Dubai’s Virtual Assets Regulatory Authority (VARA) decided in July to suspend the license of crypto exchange BitOasis for not meeting mandated conditions.



VARA issued two market alerts regarding ongoing supervisory controls and enforcement actions initiated against BitOasis. The Dubai-based cryptocurrency exchange was required to fulfill mandated conditions within 30 to 60 days to secure the MVP Operational Licence after it obtained the Licence for Institutional and Qualified Retail Investors on April 12 this year.

Rain Crypto Firm

Abu Dhabi Grants FSP for Rain To Offer Crypto Services for Residents

Dubai is expected to host the eighth edition of the Blockchain Economy Summit, the largest blockchain conference network in the world, from October 2 to 5.



The summit will be held at the Le Meridien Dubai Hotel &amp; Conference Center in Dubai with the participation of <a href="https://upyo.com/en/news/blockchain" target="_blank" rel="noreferrer noopener">blockchain</a> pioneers, top crypto firms, and AI innovators around the world.



The event will tackle the latest developments and trends within the blockchain, cryptocurrency, and AI space, featuring industry leaders, engaging panel discussions, and opportunities for growth and investment.



Leading cryptocurrency exchange OKX will be the Exclusive Title sponsor for all of Blockchain Economy Summit&#8217;s events this year.



In this regard, General Manager of the Blockchain Economy Summit Servi Aman expressed his excitement about holding the summit this year in a city that embraces blockchain technology, hailing the emirate&#8217;s commitment to creating a friendly environment for thriving the crypto industry.



Influential speakers will deliver speeches through which they would share their expertise and visions related to the industry.



The UAE, with its crypto-friendly regulations, is gearing up to become a global crypto hub, specifically Dubai. It also embraces AI technologies to boost efficiency and implementation across public services. The <a href="https://upyo.com/en/news/tags/dubai-blockchain">Blockchain Economy in Dubai</a> will be the Main gathering in the region on behalf of the world of blockchain, cryptocurrency, and AI technologies, with a wide range of topics focused on the revolutionary technologies of the future, extensive networking opportunities, and participation from more than 85 countries.



It is worth noting that Crypto ownership in the UAE is remarkably growing as 27.67% of its residents own crypto assets, according to data aggregated from the crypto platform TripleA.



This percentage puts the UAE in first place globally in terms of the percentage of people who are owning crypto assets. TripleA reported that the Arab Gulf country has more than 2.6 million holders of cryptocurrencies,

Blockchain Economy Summit

Blockchain

Dubai Hosts 8th Edition of Blockchain Economy Summit in October

RAK Digital Assets Oasis (RAK DAO), a free zone in the UAE&#8217;s Ras Al Khaimah allocated for crypto companies, inked a memorandum of understanding (MoU) with the HBAR Foundation to support its ecosystem members.



According to the deal, RAK DAO&#8217;s members will be granted a program that helps them to access to leverage the use of the Hedera blockchain, Cointelegraph reported.&nbsp;



&#8220;We&#8217;re thrilled to join forces with the @HBAR_foundation, empowering entrepreneurs to build on the #Hedera network. This collaboration opens doors to a comprehensive grant program, expert support, and a thriving #ecosystem to scale innovation,&#8221; RAK DAO tweeted. 



In this regard, RAK DAO Chairman Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi told Cointelegraph that cooperation with HBAR Foundation will enhance the sustainable growth of RAK DAO&#8217;s ecosystem and push Ras Al Khaimah to be a global leader in the digital economy.



&#8220;By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish,&#8221; Sheikh Mohammed noted.&nbsp;



Under the MoU, RAK DAO&#8217;s startups will get specialized support in the fields of technology, business development, and marketing, in addition to adopting new ideas in the Web3 space. RAK DAO and HBAR will cooperate in launching other initiatives, including startup pitching sessions, and debuting joint projects such as venture studios or accelerators.



The UAE free zone is a purpose-built and innovation-enabling free zone for non-regulated activities in the virtual assets sector. It is considered the first of its type in the world as it will be specialized for digital and virtual asset companies, which are working in the fields of the metaverse, blockchain, utility tokens, DAOs, NFTs, virtual asset wallets, and Web3-related activities.

RAK DAO

Web3

RAK DAO’s Startups To Leverage Use of Hedera Blockchain

Luxemburg-based cryptocurrency exchange Bitstamp announced the launching of its crypto lending services to crypto holders in the markets of the UAE, Hong Kong, and the European Union, <a href="https://ar.cointelegraph.com/news/bitstamp-launches-crypto-lending-service-in-uae-hong-kong-eu-markets" target="_blank" rel="nofollow noreferrer noopener">Cointelegraph reported</a>. 



The new service will allow Bitstamp to facilitate the lending and borrowing process of cryptocurrencies with an interest rate in the UAE, EU, and Hong Kong. Bitstamp noted that the new service would not currently be available in the US or the UK.



Through Bitstamp&#8217;s new service, crypto holders will be able to lend their cryptocurrency with no minimum time and earn returns of up to 4.4%, in addition, lenders will be able to receive their return in the form of any cryptocurrency of their choice.



The service will also offer daily incentives, making it an attractive option for those looking to make quick returns on their crypto assets.



The services are available for coins with large market caps like ether (ETH), bitcoin (BTC), Tether’s USDT, Circle’s USDC, and altcoins, including XRP, LTC, APE, LINK, and BCH. Bitstamp collaborated with a Finnish white-label lending company, Tesseract, in this project.



Bitstamp exchange is officially licensed and registered in 50 countries around the world, including Luxembourg, after obtaining an official license from the Luxembourg Financial Industry Supervision Committee (CSSF), which is recognized by all 28 European Union countries.



It is worth mentioning that Bitcoin has set a new record today, touching the $30,000 mark for the first time since mid-2022. Over the last 30 days, Bitcoin recorded gains of about 46%, rising to its highest level in ten months on April 11.

Bitstamp

Bitstamp Launches Crypto Lending Service in UAE

Dubai&#8217;s Virtual Asset Regulatory Authority (VARA), the body that regulates virtual assets in the emirate, has issued new guidelines for virtual asset service providers to ensure economic sustainability and cross-border financial security.



According to a press release by the Government of Dubai, the Virtual Assets and Related Activities Regulations 2023 seeks to reach greater clarity on the expected level of operator responsibility by offering gold-standard risk assurance and Anti-Money Laundering (AML) standards, which all licensed entities in Dubai are expected to adhere.



In this regard, Chairman of VARA’s Executive Board Helal Saeed Almarri said the Dubai Economic Agenda &#8216;D33&#8217; was a beacon that drives VARA to make the emirate the capital of future economy backed by technologies of the metaverse, Web 3.0, blockchain, and AI.



&#8220;VARA launches the first-of-its-kind VA framework structured to accelerate our New Economy agenda, augmenting secure, and sustainable ‘global’ market growth. This custom-designed construct reflects UAE’s commitment to building responsible safeguards, and Dubai’s confidence in delivering a progressive VA ecosystem that nurtures next-gen innovation,&#8221; Almarri added.



Commenting on the new regulations, Irina Heaver, a UAE-based crypto and blockchain lawyer said regulatory certainty is very good for business, customers, investors, and the whole emirate.



The new regulations cover seven licensed virtual asset activities, including VA activities &#8211; Advisory services, broker-dealer services, custodial services, exchange services, lending-borrowing services, payments, and remittances services, and VA management and investment services.



It is worth noting that any firm or entity seeking to engage in crypto activities should get a license and approval from the Virtual Asset Regulatory Authority (VARA), according to a UAE Cabinet&#8217;s decision.



Over 1,650 organizations were identified as part of the UAE blockchain ecosystem by the end of 2022, according to Crypto Oasis.

Dubai

Dubai’s VARA Issues New Regulations for Virtual Asset Service Providers

Dubai was ranked the world&#8217;s second-largest crypto hub following London, a recent research showed.&nbsp;



Recap, a crypto tax software and crypto portfolio tracker, conducted research on the most cryptocurrency-ready cities in the world. The&nbsp;<a target="_blank" href="https://recap.io/blog/the-rise-of-crypto-hubs-which-cities-are-leading-the-way-in-cryptocurrency" rel="noreferrer noopener">index</a>&nbsp;comprises eight criteria, such as crypto-specific events, crypto meet-ups, the number of crypto workers and companies, R&amp;D spending as a percentage of GDP, and the quality of life score in each city.



Dubai&#8217;s place pushed it to be the pioneering spot for cryptocurrency and blockchain technology in the Middle East in light of issuing several laws on the regulation and operation of crypto, the London-based firm said. Crypto investors saw Dubai as a desirable location for its 0% tax policy, high quality of life, and large number of crypto-based companies, which reached 772.&nbsp;



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="628" height="400" src="https://adminblog.upyo.io/wp-content/uploads/2023/02/Top-20-Crypto-Cities.png" alt="" class="wp-image-4013" srcset="https://3.111.63.208/wp-content/uploads/2023/02/Top-20-Crypto-Cities.png 628w, https://3.111.63.208/wp-content/uploads/2023/02/Top-20-Crypto-Cities-300x191.png 300w" sizes="(max-width: 628px) 100vw, 628px" /><figcaption class="wp-element-caption">Top 20 Crypto Cities</figcaption></figure>



However, Dubai is still behind London because the UK capital has the largest number of people working in the crypto industry and crypto companies that reached 800 firms. New York, Singapore, and Los Angeles were also pioneering crypto hubs, coming in the third, fourth, and fifth places, respectively, in the index.&nbsp;



In this regard, Co-founder of Recap David Howitt lauded Dubai&#8217;s ranking in second place globally, saying it is good news for the government which is expected to launch its own digital currency by 2026. &#8220;Crypto assets have grown massively over the past few years, and are becoming increasingly interlinked with the regulated financial markets, and the fact that so many cities are embracing it is a positive sign,&#8221; Howitt went on saying.&nbsp;



A recent survey by&nbsp;<a target="_blank" href="https://business.yougov.com/content/41850-two-thirds-uae-adults-are-interested-cryptocurrenc" rel="noreferrer noopener">YouGov</a>&nbsp;survey also found that two-thirds of UAE adults are interested in cryptocurrency.



Howitt added that the research found that the world’s least developed countries are significantly less prepared to become crypto-hubs due to a lack of infrastructure, foreign investment, and a skilled workforce. This could cause barriers to trade with more developed crypto-hubs in the future – so it’s important they’re all given the opportunity to get up to speed.



The top 10 crypto hub cities included Zug of Switzerland, Hong Kong, Paris, Vancouver, and Bangkok.&nbsp;

Dubai Second-Largest Crypto City in World

UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi stressed the importance of the crypto industry for his country, saying it will play a major role in pushing the UAE&#8217;s global trade forward, <a href="https://cointelegraph.com/news/crypto-to-play-major-role-in-uae-trade-foreign-trade-minister" target="_blank" rel="noreferrer noopener">Coin Telegraph reported</a>.



Zeyoudi&#8217;s remarks came during his interview with Bloomberg on the sidelines of the World Economic Forum in Davos as he was talking about developments of the UAE’s trade partnerships and policies in 2023.



Zeyoudi underlined that the UAE is now regulating its crypto environment given that it targets to be a hub with crypto-friendly policies, pointing to the necessity of ensuring global governance for the operation of crypto companies and cryptocurrencies.



&#8220;We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed,&#8221; the UAE minister pointed out.



Zeyoudi&#8217;s statements came a week after the UAE Cabinet introduced a new regulation under which firms or entities engaging in crypto activities should get a license and approval from the Virtual Asset Regulatory Authority (VARA).



The companies which will violate the new regulation will be forced to pay fines of up to $2.7 million. The regulation is added to the guiding principles published by the financial regulator of Abu Dhabi’s Global Market free economic zone in September.



Moreover, in Davos, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar bin Sultan Al Olama said his country was concerned over the collapse of FTX, however, it wants to be a crypto hub despite the tribulation.



Olama pointed out that the crypto companies&#8217; description of the UAE as a home is a positive thing.



Earlier, Crypto Oasis said more than 1,650 organizations were identified as part of the UAE blockchain ecosystem by the end of 2022.



In its Ecosystem Report 2022, the MENA-focused blockchain ecosystem said this number exceeded the 1,500 forecasts for 2022, as the organizations are growing more than expected previously.



Crypto Oasis monitored a 13.6% growth in the UAE blockchain ecosystem, a matter which proves the UAE’s keenness to facilitate blockchain-related companies securing licenses and operating in the country. In addition, more than half (68%) of the 1,650 organizations (1,126 organizations) are native ones, while 32% of them (525 organizations) are not native.

Dr-Thani-bin-Ahmed-Al-Zeyoudi

Minister: Crypto Will Play Major Role in Boosting UAE’s Global Trade

A recent report showed that there is a high level of awareness across the Gulf countries about NFTs, metaverse, and cryptocurrencies, especially among younger and high-income males.



Chalhoub Group released a new report titled ‘GCC State of the Metaverse and its Potential for Luxury Retail’ in which it surveyed 1,600 consumers from Gulf countries to measure the actual adoption and future behavior towards metaverse, NFTs, and crypto, <a href="https://www.itp.net/emergent-tech/high-metaverse-awareness-in-the-gcc-presents-huge-opportunities-for-retail-sector-report" target="_blank" rel="noreferrer noopener">according to ITP Website</a>.



The report indicated a high level of awareness among residents in the UAE, Saudi Arabia, and Oman about crypto, NFTs, and metaverse, with a percentage of 77%, 49%, and 46%, respectively.



Chalhoup surveyed luxury consumers in the Gulf countries, showing that 89% would like to see products in the metaverse and 71% have already engaged with a branded virtual experience. Regarding the adoption rates, 48% of the surveyed said they have already invested in crypto, while 23% confirmed that they had engaged with NFTs and actively used metaverse platforms.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="824" height="1024" src="https://adminblog.upyo.io/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1.jpg" alt="" class="wp-image-3065" srcset="https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1.jpg 824w, https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1-241x300.jpg 241w, https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1-768x954.jpg 768w" sizes="(max-width: 824px) 100vw, 824px" /></figure>



Regarding NFTs, 23% of Gulf countries&#8217; luxury shoppers already own NFTs, while 57% are interested in purchasing NFTs. According to the report, 83% said they would consider NFTs if they could be redeemed for a physical product. The report found that the reason for purchasing NFTs is for investment purposes, with virtual art and sport being the most purchased types.



As for the metaverse, the report asserted that the Gulf countries have the right foundations to render their metaverse-based initiatives successful, driven by tech-savvy youth and enabled by a favorable regulatory environment. The high disposable income in the Gulf countries and regional firms&#8217; desire to experience the metaverse are factors that contribute to the metaverse development in the region.



In addition, their governments are prioritizing incorporating the metaverse into national strategies. Despite the optimistic figures, the report detected some concerns from the users. It reported that 34% of the users are afraid of crypto volatility, while 28% have a lack of trust in NFTs, in addition, 42% have a lack of understanding of the metaverse.



In this regard, Head of Corporate Innovation at Chalhoub Group Nick Vinckier said: &#8220;The GCC is known for its young and tech-savvy consumers who are very knowledgeable about the metaverse while being luxury enthusiasts. For us at Chalhoub Group, we recognize that leveraging the power of Web3 enables us to reinvent the entire customer journey, whether it’s building awareness, increasing brand engagement, enhancing conversion, nurturing loyalty, or launching new business models.&#8221;

Metaverse

Report Reveals High Level of Awareness in Gulf Countries about NFTs, Metaverse, Crypto

The UAE crypto sector is among the highest in the world in terms of job opportunities and salaries, making it the biggest Gulf market for those who are seeking a career in the cryptocurrency field, according to new research.



Research conducted by London-based CoinJournal said the UAE comes in ninth place of the world&#8217;s top 10 countries having crypto jobs. The UAE has 137 crypto career listings or 14.51 jobs per one million people, more than countries Germany, France, Canada, and Australia.



According to the research, the UAE is among the most attractive markets in terms of salaries in the crypto sector, with annual pay packets of $132,000 on average, making it the fourth highest in the world. The crypto salaries in the UAE beat salaries in many countries, including the United States, Germany, Portugal, Switzerland, Australia, Hong Kong, and Egypt.



Singapore ranked the first country in the world&#8217;s top 10 countries having crypto jobs, with 159.14 jobs per a million people, almost three times compared to any other country. The second place was for Luxembourg, followed by the Netherlands, Ireland, Switzerland, the United States, the United Kingdom, and Israel, respectively. Denmark came last on the list.



The research revealed that the US and UK have more crypto-related jobs than any country on the list as there are 5,700 crypto-related jobs in the US and 1,062 in the UK.



Positions like lead developer, senior developer, and smart contract developer are the top popular jobs in the crypto industry. It also added that computer science is the most popular course among blockchain business leaders, accounting for 24.55% of all subjects studied. Most blockchain business pioneers graduated from the University of California.

UAE among Top 10 Countries in Crypto-Related Jobs

Checkout.com, an international financial technology company, issued the second part of <a href="/Users/xps/Downloads/Digital_transformation_in_MENA_2022_report_Part1.pdf" target="_blank" rel="noreferrer noopener">its report about digital transformation</a> in the MENA region in 2022.



The report drew on year-over-year data from 15,500 consumers, since 2020, in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Jordan, Egypt, and Pakistan.



According to the report, 55% of 18-35-year-olds, who are living in the UAE and Saudi Arabia, would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months. The report mentioned that 38% of 18-35-year-olds, who are living in the two countries, have held digital assets such as crypto, stablecoins and NFTs.



Nearly 40% (39%) of them accept that their salaries could be paid in cryptocurrencies. While over 50% (52%) of 18-35-year-olds would like to be paid some or all of their salary in stablecoins.



The report showed that 25% of the local merchants plan to offer crypto as a payment method by 2024. These figures were calculated from 4,000 consumers in Saudi Arabia and the UAE surveyed in February 2022.



In this regard, Head of Crypto &amp; Digital Assets Checkout.com Max Rothman said the UAE and Saudi Arabia pave a path to becoming vitally important leaders in crypto adoption, regulation, and innovation in light of their adoption and regulation of cryptocurrencies and virtual assets.



Rothman described the level of engagement of the 18-35-year-olds in the two countries as hardly surprising. &#8220;Some 54% of consumers we surveyed in the region believe that on-chain payments will make transactions significantly faster, and 49% believe transactions on-chain will be significantly safer. Meanwhile, 80% of merchant businesses in the region see faster payments as a significant benefit of crypto or stablecoin transactions,&#8221; he added.



He asserted that trust in digital payments and fintech seems to be seeing a steady increase.

Cryptocurrencies

Over 50% of Saudi, UAE Youth Able to Pay in Crypto in Coming 12 Months

Germany topped the world&#8217;s crypto economies in the third quarter of 2022 after it was sharing this position with the United States, which fell to seventh place in the rankings.



According to a report, issued by CoinHub, a digital asset management platform, Germany is not a tax haven, however, it is considered as of the strongest all-around ‘traditional-tax’ crypto economies that encourages long-term crypto investment.



It is worth mentioning that German law gives incentives to incentive to investors who hold crypto for over a year by charging zero tax on their holdings.



Switzerland came in second place as it took early and positive steps toward the crypto world, as well as being a home for prominent crypto and blockchain organizations in the world.



While Australia became in the top three because of its sensible taxes, encouraging government legislation, and the government&#8217;s interest in establishing its system of crypto-based payments.



The UAE came in fourth place, marking the top and only Arab country in the top 10 crypto economies, after being in the 18th in the second quarter of this year. The UAE became the leading country in the Middle East and North Africa region in the crypto field thanks to the government&#8217;s friendly-crypto legislation as it seeks to be an ideal and major hub for blockchain startups.



The Emirati government, in July, launched the Dubai Metaverse Strategy, which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years, as well as offering 40,000 virtual jobs.



Singapore and Malaysia occupied the fifth and sixth places, respectively, followed by the US, which plunged from first place in the second quarter to the seventh.



According to the report, this happened because the US crypto taxation policies are quite burdensome and it does not offer any particular form of incentive for crypto investors. The report mentioned that the US needs more flexible legislation toward crypto to achieve progress in the fourth quarter.



The remaining three rankings were for Hong Kong, the Bahamas, and Taiwan, respectively.



South Africa was the first African country on the list that consisted of 61 countries, occupying 30th place.



The rankings were based on different factors, including clear crypto tax legislation, favorable crypto outlook, and more transparent regulatory communications to rank countries.



CoinHub&#8217;s report also listed top crypto-curious countries based on the number of “Bitcoin” related searches, as El Salvador came in first place in which its population searches for opportunities in the crypto world after the government had decided to declare bitcoin as legal tender.



Nigeria and the Central African Republic came in second and third places, respectively due to the growing interest of their population in cryptocurrencies.



The report also mentioned that Turkey is a strong crypto performer.

UAE Crypto News

Latest UAE Crypto News