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UAE crypto market expected to grow 10-fold: report

Pradipta Mukherjee
·1-min read

The cryptocurrency market in the United Arab Emirates (UAE) is expected to grow 10 times, according to a new report from MENA blockchain ecosystem, Crypto Oasis, released Monday at a blockchain conference organized by the Dubai World Trade Centre.

See related article: New hire in Saudi Central Bank to work on crypto regulations: report

Fast facts

  • There were over 1,400 active organizations and 7,000 individuals working with cryptocurrencies and blockchain technology in the UAE by September 2022, according to the report.

  • “The regional market is expected to grow ten times with access to the financial resources and opportunities in the UAE,” Ralf Glabischnig, the founder of Crypto Oasis, said in a press release.

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  • Dubai aims to be among the world’s top 10 cities in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to its economy in five years.

  • The World Trade Centre is expected to play a critical role in realizing Dubai’s Web 3.0 ambitions by becoming a comprehensive zone and regulator for digital assets firms.

See related article: Dubai police launch 2nd edition of NFTs, see use case for digital assets