How is UAE reacting to the crypto market growth?


The cryptocurrency market is attracting all the pronounced economies of the world. The United Arab Emirates, the second-largest economy in the Arab world, is also not out of this race. Dubai, the economic centre of UAE and also a city with a high-spirited nightlife and tourism place, is also contesting with countries like Singapore and Switzerland in becoming a world cryptocurrency hub. You can check to learn more about bitcoin trading.

UAE is conferencing with Asian companies who wish to move into the Gulf nations. It is one of the steps that the UAE has taken to modify itself into a cryptocurrency hub. Various multinational companies want to relocate out of East Asia. Since UAE had recovered better than many other countries during the pandemic and has trouble-free cryptocurrency regulations, it seems attractive for such firms. 

It is also possible that there will be a prospective headquarters in the Gulf nations soon. The United Arab Emirates has boosted its programme of reinforcing the use of cryptocurrencies in these few years. It is also said by the government of UAE that the Dubai World Trade Center will soon become an all-inclusive section and regulator of cryptocurrencies. 

The Minister of State for Entrepreneurship and Small and Medium-Sized Enterprises of the United Arab Emirates also showed a positive approach towards cryptocurrencies. According to him, cryptocurrencies won’t leave our world soon. He also said that if regulated properly, there is nothing wrong with adopting cryptocurrencies and blockchain technology. 

In a recent survey, five in ten citizens of the United Arab Emirates affirmed that they are planning to own cryptocurrencies. More than 60% of the citizens also confirmed that they are more positive towards cryptocurrencies than in previous times. It was not at all startling. The government of UAE is also realising the worth and potential of cryptocurrencies now. 

This increasing interest in furthering cryptocurrencies by the government of the United Arab Emirates is guiding the new start-ups and businesses. The government of UAE is a major backer of cryptocurrencies and considers this as the fourth industrial revolution. The UAE had also created a time limit for moving no less than half of all the transactions of the government onto cryptocurrencies. 

The regulatory authority of financial services of the global market of Abu Dhabi had introduced a structure for functioning businesses that deal in cryptocurrencies and their assets. It renders as an appealing and unrestricted regulatory framework. It also made the United Arab Emirates an alluring site for large and small cryptocurrency and blockchain firms. 

The material resources of the government of the United Arab Emirates that have been introduced to promote this newly emerging financial technology have initiated immense opportunities to prosper start-ups and firms. It has also uplifted a vigorous essence of entrepreneurship. It is also noticeable in the entire body of the global market of Abu Dhabi. 

There are various universities in the United Arab Emirates that are famed worldwide. The New York University and Khalifa University in Abu Dhabi are acclaimed as the leading universities in the UAE. Several graduates of these universities are now contributing to the progress of blockchain technology and cryptocurrencies. It is helping UAE become a global hub of cryptocurrencies. 

The change in the payment system to cryptocurrencies has had a material effect on the natives. It has also changed the behaviour of the customers. Recent research made it clear that there was a rise in digital payments last year. Digital payments, e-wallet, blockchain technology, and cryptocurrencies are attracting consumers because it seems easy and hassle-free for consumers.  

Over the last few years, the number of digital payments has increased to almost double. The whole amount of these digital payments was a little less than 20 billion dollars. 

Moreover, the positivity towards cryptocurrencies is also a result of the pandemic. People have confirmed that they have adopted cryptocurrencies because they wanted to experiment with a new payment system during the pandemic. They have also agreed that they might not have done it if the situation was normal. 

The financial ecosystem of the United Arab Emirates has played a major role in making this crypto revolution. The progress is visible, and there is no way that it will slow down. Hence, it might lead the cryptocurrency world soon.