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 said. According to global rankings, the United Arab Emirates ranks tenth for 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), about 11.4% of the country’s residents own or have invested in cryptocurrencies. This means that the UAE is now among the top 10 countries where crypto-investing residents are.
As per a report in the Khaleej Times, the findings of the TDRA’s 2022 Digital Lifestyle study suggest that the UAE may be on course to fulfill its goal of becoming a global hub for digital assets. In addition, the revelations in the TDRA’s Digital Lifestyle report to some appear to vindicate the UAE’s decision to become one of the first countries to adopt and regulate cryptocurrencies.
Crypto Platform Licenses
The UAE is known for issuing operating licenses to international cryptocurrency platforms. This is one of many ways it has promoted or helped to increase the use of crypto. As has been reported by Bitcoin.com News, the UAE — through regulatory bodies like the Virtual Assets Regulatory Authority (VARA) — has issued licenses to leading crypto exchange platforms like Binance, FTX, and OKX.
Some crypto-platforms have also set up shop in Abu Dhabi. The country is also working with the Abu Dhabi Global Market to create a global regulatory and supervision framework.
These may have been some of the reasons why the UAE is ranked as the 10th most popular country for cryptocurrency investment, according to Khaleej Times.
Your thoughts? Please comment below to let us know your thoughts.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.