Simply over 11% of United Arab Emirates (UAE) residents have invested in cryptocurrencies, a report issued by the nation’s Telecommunications and Digital Authorities Regulatory Authority (TDRA) has reportedly mentioned. Globally, the United Arab Emirates is now ranked tenth when it comes to cryptocurrency funding price.
UAE’s Mission to Develop into a World Crypto Hub
In response to a examine by the United Arab Emirates telecoms regulator, the Telecommunications and Digital Authorities Regulatory Authority (TDRA), about 11.4% of the nation’s residents personal or have invested in cryptocurrencies. With this proportion of residents uncovered to crypto, the UAE now ranks among the many prime ten nations with essentially the most crypto-investing residents.
As per a report within the Khaleej Occasions, the findings of the TDRA’s 2022 Digital Life-style examine counsel that the UAE could also be on target to meet its objective of changing into a world hub for digital property. As well as, the revelations within the TDRA’s Digital Life-style report back to some seem to vindicate the UAE’s determination to turn out to be one of many first nations to undertake and regulate cryptocurrencies.
Issuing of Licenses to Crypto Platforms
One of many methods the UAE has been selling or serving to to spice up the usage of cryptocurrencies is by way of issuing of working licenses to international cryptocurrency platforms. As has been reported by Bitcoin.com Information, the UAE — by means of regulatory our bodies just like the Digital Property Regulatory Authority (VARA) — has issued licenses to main crypto trade platforms like Binance, FTX, and OKX.
Moreover, a number of the crypto platforms have since arrange operations within the nation. Additionally, by means of the Abu Dhabi World Market (ADGM), the nation has been centered on creating a regulatory and supervisory framework that meets international requirements.
In response to the Khaleej Occasions report, these could also be a number of the components that propelled the UAE to its rank because the tenth main nation when it comes to cryptocurrency investments.
What are your ideas on this story? Tell us what you assume within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any harm or loss brought about or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or companies talked about on this article.
