The Middle East region is one of the fastest-growing Cryptocurrency markets in the world, valued at a projected $389.8bn between July 2022 and June 2023, according to blockchain researcher Chainalysis, last September.
GCC countries, especially the UAE and Bahrain, have significantly invested to polish their image as emerging Crypto-friendly hubs. Their efforts that have attracted some of the top names in the industry to the region including Binance and OKX.
UAE’s policy and regulatory initiatives in embracing technological advancements and creating a conducive regulatory environment is providing fertile ground for many thought-leaders and notable industry figures relocating to the country, creating a ripple effect across the tech and investor ecosystem.
The latest figures on the UAE market revealed that US$35 billion of crypto transactions had been received into the Emirates over a 12-month period, reported Chainalysis. 67% came from institutional investments, valued at more than $1 million.
With the UAE being one of the fastest growing digital assets markets in the world, the figure keeps growing. Research suggests that the number of daily Crypto traders has risen by 166% yearly, reflective of an overall climb in regional adoption. It is estimated that around 27-31% of UAE residents have invested into digital assets. Among this, 72% are thought to have invested in Bitcoin. Apart from the UAE citizens and long-standing residents who are driving the state of the crypto economy, it is also the new expats who have immigrated to the UAE for its safety and advanced crypto market.
“Looking ahead, we can expect to see greater levels of tokenisation in the property [real estate] and other sectors, which make blockchain-based tech ventures prime candidates for investments currently.” Said Roderik van der Graaf, Founder of Lemniscap, a US-based VC operating globally.
