11.4% of UAE Residents Invested in Cryptocurrencies – Bitcoin Featured News

11.4% of UAE Residents Invested in Cryptocurrencies – Bitcoin Featured News

A report by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA) says that just over 11% of the UAE population has invested in cryptocurrency. Globally, the UAE now ranks 10th in terms of investment rate in cryptocurrency.

The mission of the UAE to become a global cryptocurrency center

According to a study conducted by the UAE’s Telecommunications Regulatory Authority, Telecommunications and Digital Government Regulatory Authority (TDRA), about 11.4% of the country’s population owns or invests in cryptocurrencies. With this percentage of the population exposed to cryptocurrency, the UAE is now among the top ten countries with the most residents investing in crypto.

according to Report In the Khaleej Times, the results of the 2022 Digital Lifestyle Study conducted by the Department of Trade and Regional Development indicate that the UAE may be well on its way to achieving its goal of becoming a global hub for digital assets. In addition, what was revealed in the TDRA Digital Lifestyle Report seems to some to prove the UAE’s decision to become one of the first countries to adopt and regulate cryptocurrencies.

Issuance of licenses for crypto platforms

One of the ways that the UAE promotes or helps promote the use of cryptocurrency is through the issuance of operating licenses for global cryptocurrency platforms. As reported by Bitcoin.com News, the UAE – through regulatory bodies such as the Virtual Asset Regulatory Authority (VARA) – has issued licenses to leading cryptocurrency exchanges such as Binance, FTX and OKX.

Furthermore, some crypto platforms have since set up operations in the country. Also, through the Abu Dhabi Global Market (ADGM), the country has focused on creating a regulatory and supervisory framework that meets global standards.

According to a Khaleej Times report, these may be some of the factors that led the UAE to rank it as the tenth leading country in terms of cryptocurrency investments.

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Terence Zimoara

Terence Zimoara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

photo credits: Shutterstock, Pixabay, Wikicommons

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