Crypto Businesses In Dubai To Double By 2022

Last Updated on 3 weeks by Irfan Khan

UAE is observing a rising interest in digital currencies and blockchain technology. Customers and investors are increasingly drawn to crypto assets as online payments pick up speed. By 2023 and 2024, an increasing percentage of investment firms and asset managers aim at expanding their investment in digital currencies. Due to their potential for significant returns, traders are therefore showing an increased interest in cryptocurrency.

Dubai is stepping up initiatives to strengthen its digital economy. The region anticipates that over a thousand crypto firms will be up and running by 2024. Mustafa Kheriba reported that the number of Web 3.0-based firms, investment possibilities, and new employment opportunities will skyrocket in the UAE. In response to growing interest, the UAE has implemented a series of steps to promote trade in virtual currencies. The newly enacted law requires VARA to establish the guidelines and restrictions that direct the use of cryptocurrencies.

The Impact Of UAE Legislation Supporting Crypto On Investors

The UAE legislation has enabled crypto firms to feel more confident while operating their businesses in the region. They will feel more secure working legally in the UAE. The law’s consequence will result in more people in Dubai and the UAE embracing cryptocurrencies. Youth and institutional investors are more likely to trade crypto assets due to the surge in UAE’s involvement in digital assets. The regulation enacted by Dubai and Abu Dhabi has increased the engagement of market participants. The proposed policy will encourage future investors to participate in the crypto world by instilling confidence in them. Both institutional and ordinary investors have drawn more attention recently.

Also read : UAE Crypto License Application: Winklevoss Twins Expand Crypto Business Horizon

Dubai Will Grow The Fastest Of All The Crypto Markets

The digital revolution is leading the way in Dubai, a region with a booming economy. According to Citi, the surge in bitcoin companies in Abu Dhabi and Dubai is a result of a perception of improved regulatory certainty. According to Chainalysis, the Middle East is among the cryptocurrency marketplaces with the highest growth rate, accounting for 7% of worldwide trade volume. Ralf Glabischnig predicted that the virtual asset industry in Dubai will expand more quickly than in any other place. He added that the thriving business structure and environment of Dubai are drawing more interest from traders and business people.

Also read : Richest Crypto Billionaires Globally 2024

In The Middle East, Are Crypto Companies Hiring Like Crazy?

Recent Indeed research indicates that interest in blockchain and cryptocurrency employment has skyrocketed. The blockchain and cryptocurrency sectors have some hot jobs to offer. the number of job posts for professions in the industry has increased by 118% when compared to the prior year. In Dubai, the crypto industry is now home to more than 400 companies, which will increase to more than 1000 companies a year later. It will undoubtedly contribute to investors’ growing interest. It is anticipated that the area would experience an explosion of new job offerings and investment possibilities.

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About Irfan Khan

Irfan Khan is an esteemed professional known for his strategic contributions to the banking industry, particularly in the realms of financial technology and innovation. Holding a Master’s degree in Finance, Irfan has built a distinguished career by leveraging his deep understanding of financial systems and technology to drive operational excellence and digital transformation in banking. With extensive experience in developing and implementing innovative banking solutions, he has played a pivotal role in enhancing customer experiences, streamlining operations, and introducing cutting-edge technologies to traditional banking environments.