According to a report issued by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA), about 11.4% of UAE’s residents own or have invested in cryptocurrencies, ranking the country tenth globally in terms of crypto penetration and third globally in terms of crypto adoption.
The country has made great strides in enhancing its inclusion of digital assets by introducing regulatory bodies like the Virtual Assets Regulatory Authority (VARA), launching the Dubai Metaverse Strategy, arranging the Dubai Metaverse Assembly, and issuing licenses to major crypto exchange platforms like Binance, FTX, and OKX.
The Dubai Multi Commodities Center (DMCC), a free zone dedicated to trade and commodity businesses, also launched its Crypto Centre, a comprehensive ecosystem registering thousands of trades in digital assets and cryptocurrency companies.
Recently, the Virtual Asset Regulatory Authority (VARA) in Dubai put together some guidelines for the marketing and promotion of virtual assets using media sites and publishing channels, and last February, Dubai launched the Virtual Resources Regulation Law to strengthen the emirate’s commitment to creating a crypto-friendly ecosystem. Thanks to these efforts and more, Dubai is on its way to becoming a global crypto hub.
Now, Dubai is home to at least 1,000 companies operating in the crypto sector, and the city is expected to create more than 40,000 jobs in Web3 by 2030.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.