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this united arab emirates (UAE) has become an emerging hotspot for crypto businesses as they find that the region offers a more attractive and inclusive environment for growth compared to the US.
As the UAE has seen a surge in cryptocurrency-related activity, experts and executives believe it is an ideal destination for companies looking to gain a foothold in the cryptocurrency space.
Favorable Regulatory Environment
One of the main factors driving crypto businesses into the UAE is its proactive and business-friendly regulatory framework.
According to Saqr Ereiqat, co-founder of venture capital firm Crypto Oasis, the regulatory environment in the UAE is more streamlined and accessible compared to these statements made to the media by Ereiqat in the US The Telegraph.
The UAE’s forward-looking regulations make it easier for companies to navigate the cryptocurrency space and attract global talent.
In addition to supportive regulations, the UAE also has a lot of capital, which is very beneficial for cryptocurrency companies seeking funding for their projects.
The region’s interest in cryptocurrencies and blockchain Technology has already enabled the creation of more than 1,800 Web3 organizations, employing more than 8,000 people.
Views from cryptocurrency leaders
Top executives in the crypto industry have also noted the potential of the UAE as an international hub for cryptocurrency businesses.
Coinbase CEO Brian Armstrong acknowledged in a fireside chat at the Dubai Fintech Summit that the U.S. may be “a bit behind” when it comes to regulatory clarity. Armstrong also mentioned the country as an exciting potential international hub for Coinbase.
ripple Chief executive Brad Garlinghouse echoed similar sentiments at the same event, voicing his displeasure with U.S. regulations. Defending Ripple against the SEC is expected to cost the company $200 million, Garlinghouse revealed.
The UAE’s Growing Crypto Ecosystem
The Crypto Oasis Ecosystem Report, released during the Dubai Fintech Summit, highlighted the rapid growth of the UAE’s crypto ecosystem, with over 1,800 organizations identified as of Q1 2023.
These organizations are involved in crypto, blockchain, metaverse and Web3 technologies and employ more than 8,650 professionals. Indigenous organizations accounted for 70.5% of the total and non-indigenous organizations accounted for the remaining 29.5%.
In the first quarter of 2023 alone, more than 150 new organizations were identified, bringing more than 350 new professionals to the thriving ecosystem. About 72.8% of these people work for local blockchain organizations, while the remaining 27.2% work for non-local companies.
The second edition of the Crypto Oasis Ecosystem Report, developed in collaboration with the DLT Science Foundation and Roland Berger, provides a comprehensive summary of the UAE blockchain evolution driven by Web3, cryptography and blockchain technology.
The report has become an important resource for policymakers, investors, and entrepreneurs looking to navigate the rapidly evolving blockchain technology landscape in the region.
The UAE’s commitment to fostering an enabling environment for crypto businesses and embracing future technologies makes it an attractive destination for Web3 enthusiasts.
With its aggressive regulatory approach, talent immigration, and government support, the UAE is poised to become a leading global hub for cryptocurrency and blockchain innovation, offering businesses in the crypto industry a more attractive alternative to the US.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com disclaims all liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
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