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According to a report released by the country’s Telecommunications and Digital Government Regulatory Authority (TDRA), more than 11 percent of the residents of the United Arab Emirates (UAE) have invested in cryptocurrencies. Globally, the United Arab Emirates now ranks 10th in terms of cryptocurrency investment rates.
UAE’s mission to become a global crypto hub
According to a study by the Telecommunications and Digital Government Regulatory Authority (TDRA), the telecom regulator in the United Arab Emirates, about 11.4 percent of the country’s residents own or invest in cryptocurrencies. With this percentage of residents exposed to cryptocurrencies, the UAE now ranks among the top 10 countries with the most residents for crypto investment.
according to a Report In Khaleej Times, the results of TDRA’s 2022 Digital Lifestyle Study suggest that the UAE may be on track to achieve its goal of becoming a global hub for digital assets. Additionally, the revelation to some in TDRA’s Digital Lifestyle Report appears to be testament to the UAE’s decision to be one of the first countries to adopt and regulate cryptocurrencies.
Issuing licenses to crypto platforms
One of the ways the UAE has been promoting or helping to promote the use of cryptocurrencies is by issuing operating licenses to global cryptocurrency platforms.same as before report As reported by Bitcoin.com News, the UAE has issued licenses to leading cryptocurrency exchanges such as Binance, FTX and OKX through regulators such as the Virtual Assets Regulatory Authority (VARA).
Also, some crypto platforms are already operating in the country.Additionally, through the Abu Dhabi Global Market (ADGM), the country has been focusing on create Regulatory framework in line with global standards.
According to Khaleej Times, these may be some of the factors driving the UAE to rank tenth in terms of cryptocurrency investment.
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