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UAE is Winning the Race to Become World Crypto Capital

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By Augustine Mbam - - 5 Mins Read
A person holding a piece of Bitcoin, United Arab Emirates flags in background
Bitcoin and UAE flags | Shutterstock

 

A person holding a piece of Bitcoin, United Arab Emirates flags in background
Bitcoin and UAE flags | Shutterstock

 

 

The United Arab Emirates is on a journey of becoming the beacon of crypto adoption in the world. According to a series of new data, the country in the Middle East has done quite well in setting its economy up to become a major world power for cryptocurrencies.

 

Recent statistics from World of Statistics on X (formerly known as Twitter) reveal that the United Arab Emirates is leading in a specific metric compared to other countries globally. The report indicates that over 27% of the country's population identifies as crypto asset owners. This is quite impressive, considering the population of the UAE. Additionally, the country has a significant lead over many other nations on the list.

 

Asian countries Vietnam and Singapore are the two countries that closely follow the United Arab Emirates in terms of population holding cryptocurrencies, with around 20.54% and 13.93%, respectively. Following these two is Iran. Iran made a quite surprising run in the number of people holding cryptocurrencies in the country. More than 13.46% of the population are crypto owners. It's pretty impressive, to say the least.

 

More disappointing is the United States. Considering the amount of crypto activities and the crypto firms staying in the country, one would have thought the United States is the number one or top 3. However, only around 13.22% of the United States population are crypto owners. But there's a catch here. 

 

Looking at the stats, one might think that more people hold cryptocurrencies in the United Arab Emirates than in the US. However, the reverse is the case. The population of the United Arab Emirates is 9.36 million. 27% of that population is only around 2.52 million people.

 

In other words, only about 2.52 million people are crypto owners in the UAE. On the other hand, the population of the United States is 331.9 million. 13.22% of that population is about 43.87 million people. So, 43.87 million people are crypto owners in the United States. That's a clear contrast between the two. 

Why is the United Arab Emirates Making Huge Strides 

The United Arab Emirates is making significant progress in crypto adoption due to the effective efforts of its government. Clarity is crucial in the crypto industry, and crypto firms acknowledge the necessity of implementing rules and regulations.

 

However, transparency from the government is essential to ensure the success of these regulations. The UAE is leading the way by providing clear guidance through its laws, which is critical for the success of crypto firms.

 

Furthermore, many of their laws are crypto-friendly, with a spelt-out template of how crypto companies are expected to operate. Their environment is also encouraging for the growth of crypto projects. They have offers, grants, and even trade-free zones for crypto firms. This is why many crypto firms are moving to their cities, including Dubai. Many crypto firms, such as OKX, Binance, and Bybit, now have their branches in the country.

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