According to a research that was supposedly released by the Telecommunications and Digital Cryptocurrencies Government Regulatory Authority (TDRA) of the United Arab Emirates (UAE), just over 11% of citizens in the country had invested in cryptocurrencies. The United Arab Emirates currently holds the tenth spot on the global list of countries with the highest rate of investment in cryptocurrencies.
The United Arab Emirates’ Goal of Becoming a Global Cryptocurrency Hub
The Telecommunications and Digital Government Regulatory Authority (TDRA), which is responsible for regulating telecommunications in the United Arab Emirates, conducted a survey that found that approximately 11.4% of the country’s citizens either own cryptocurrencies or have invested in them. The United Arab Emirates now ranks among the top ten countries with the most inhabitants who are investing in cryptocurrencies as a result of the high percentage of its residents who are already familiar with cryptocurrency.
According to a report that was published in the Khaleej Times, the findings of the TDRA’s 2022 Digital Lifestyle study indicate that the United Arab Emirates may be on track to fulfill its goal of becoming a global hub for digital assets. This conclusion was reached based on the findings of the study. In addition, the disclosures that were made in the TDRA’s Digital Lifestyle report give some people the impression that they vindicate the decision that the UAE made to become one of the first countries to adopt and regulate cryptocurrencies.
Licenses Being Granted to Cryptocurrency Platforms
One of the ways in which the UAE has been promoting or helping to raise the use of cryptocurrencies is through providing operating licenses to global cryptocurrency platforms. This is one of the ways in which the UAE has been promoting or helping to boost the use of cryptocurrencies. According to a recent article published on Bitcoin.com News, the United Arab Emirates (UAE) has recently issued licenses to prominent cryptocurrency exchange platforms such as Binance, FTX, and OKX. These licenses were granted by regulatory bodies such as the Virtual Assets Regulatory Authority (VARA).
In addition, some of the cryptocurrency platforms have opened offices in the country since the beginning of this year. In addition, the country has been concentrating its efforts through the Abu Dhabi Global Market (ADGM) on developing a regulatory and supervisory framework that is up to par with international norms.
According to a research by the Khaleej Times, these may be some of the elements that have contributed to the United Arab Emirates rising to the position of the tenth biggest country in terms of investments in cryptocurrencies.