Over 11% UAE residents have invested in cryptocurrencies

The country ranks 10th globally in terms of investments in virtual currency

According to the Telecommunications and Digital Government Regulatory Authority, about 11.4% of UAE residents have invested in cryptocurrencies (TDRA).

According to TDRA’s “Digital Lifestyle” 2022 research, this indicates that one in ten individuals in the UAE are exposed to cryptocurrencies, placing the nation 10th globally in terms of cryptocurrency investments.

A number of digital asset exchanges and cryptocurrency businesses have started operating in the UAE, thanks to Abu Dhabi Global Markets and the Dubai Virtual Assets Regulatory Authority, and experts have praised the country for its role in promoting and adopting virtual currencies.

The UAE is now home to a number of significant businesses, including the largest digital asset exchange in the world, Kraken, as well as the worldwide cryptocurrency platform Crypto.com and the Singapore-based Bybit.

The DMCC Crypto Centre was introduced by the Dubai MultiCommodities Centre (DMCC), a free zone devoted to commodities trading and commerce. It offers a complete ecosystem for companies working in the blockchain and cryptographic industries. The Center has successfully registered hundreds of bitcoin companies and exchanges.

With 35% of its population now possessing cryptocurrencies in some form, the UAE is the third-largest country in the world in terms of adoption, according to a Gemini poll.