UAE accelerates crypto activities giving investors wider options

UAE accelerates crypto activities giving investors wider options
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ECONOMY

UAE accelerates crypto activities giving investors wider options

UAE got almost 78 percent of investors, who expect to increase the proportion allocated to investible assets for cryptocurrency investment.

04/16/2022

UAE accelerates crypto activities giving investors wider options

UAE expects to witness increasing cryptocurrency activities and numerous global players coming into the country. 

Meantime, the Abu Dhabi Global Market has approved 11 digital asset companies. Binance and Bybit are already building a presence in the United Arab Emirates.

UAE: Expanding crypto activities

An international online market research company Toluna revealed the result of its study about understanding consumers’ perceptions in terms of cryptocurrency. The researchers interviewed 9,000 individuals, aged between 18 to 64 from 17 countries, including the UAE. 

Based on the overall result, the UAE is much stronger compared to global crypto markets. “Almost 78 percent of investors are expecting to increase the proportion allocated to investible assets for cryptocurrency investment in the UAE against 67 percent in global markets.”

According to the Dubai Chamber for Digital Economy’s recent statistics, “The digital economy contributes about 4.3 percent of the GDP in the UAE, which is equivalent to Dh100 billion ($27 billion).”

In 2017, ADGM released digital assets guidelines of the country stating a fully comprehensive regulatory framework. Several local, regional, and global players have started their virtual assets business since 2018.

Multilateral crypto trading facilities

Khaleej Times quoted ADGM spokesperson citing emerging technologies and leading innovations. Such a move “has attracted a heightened level of retail and institutional investors’ interest and investment.”

ADGM has presented the regulatory sandbox and fintech Digital Lab in the country. According to the report, they are also “seeking market feedback on its proposed enhanced virtual asset framework.”

Moreover, regulators permit licensed multilateral trading facilities or custodian groups within ADGM to start non-fungible token activities. 

Chief executive of ADGM, Emmanuel Givanakis, said, DeFi is an emerging part of the global financial ecosystem that holds the promise of delivering more efficient and tailored financial services.”

“To achieve this potential, the risks arising from DeFi must be identified and appropriately addressed,” Givanakis clarified. We are pleased to contribute our views on DeFi and its potential future direction to the ongoing discussion in the community, in association with industry practitioners.”

 

By Marielle Petere Wozinga Staff

“DeFi is an emerging part of the global financial ecosystem that holds the promise of delivering more efficient and tailored financial services.” Do you agree?

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