Crypto-readiness 2023: Dubai Emerges as a Key Player in the Crypto Market, Ranks Second Globally Among Crypto-friendly Countries:
The world of cryptocurrency is rapidly evolving, with new players emerging and existing ones strengthening their positions. As we move into 2023, Dubai has emerged as a key player in the cryptocurrency market, solidifying its position as one of the most crypto-friendly countries in the world. In fact, according to recent rankings, Dubai has been ranked first in the region and second globally among the most crypto-friendly country, making it an attractive destination for crypto enthusiasts and investors alike.
According to a report published by Recap, Dubai was ranked as the best crypto country worldwide for crypto investment and trading, just after London. Recap reports that 772 cryptocurrency-related businesses are operating in the emirate, and the city’s favorable business climate draws investors from outside the region.
Dubai’s Progressive Crypto Regulations Attract International Business
Dubai’s favorable environment and crypto-friendly policies make it one of the most crypto-friendly countries. Dubai’s cryptocurrency market is rapidly evolving due to the emirate’s progressive policies and initiatives. Unlike many other countries still struggling to define their regulatory stance on cryptocurrency, Dubai has quickly embraced the technology and has created a favorable environment for crypto businesses and enthusiasts.
Crypto-Readiness Assessment For Best Crypto Countries: An Analysis Of Key Factors
Dubai has moved up to the second spot for the most crypto-friendly country after a year of enacting legislation enabling crypto companies to operate. In addition, Dubai strives to become the top hub for cryptocurrencies and blockchain technology in the Middle East. To determine the level of readiness of the world’s biggest cities for the increasing adoption of cryptocurrencies, the study analyzed eight essential factors. These factors include the presence of crypto-specific events, the number of employment opportunities in the crypto industry, the prevalence of crypto companies, the percentage of GDP dedicated to research and development in the crypto sector, the availability of crypto ATMs, the capital gains tax rate, the level of crypto ownership within the population, and the overall quality of life. By examining these key metrics, the study aimed to provide a comprehensive assessment of each city’s readiness to embrace cryptocurrencies and the potential impact of such adoption on its economy and society.
Cryptocurrency Captivates UAE: Two-Thirds Of Adults Show Interest
Adults in the UAE have the greatest level of confidence in cryptocurrency worldwide. YouGov’s data reveal a lot of enthusiasm for crypto trading in the UAE, where the government is actively working on expanding the country’s digital financial infrastructure. Sixty-seven percent of UAE citizens have shown interest in cryptocurrency investments over the next five years. Young people between the ages of 25 and 34 are the most likely to express an interest in cryptocurrency, followed by those in their late forties. Dubai is attractive to crypto investors due to its low tax rate. In addition, the emirate may even be considered a second home by certain British citizens, as Holborn Assets reported that over 200,000 Brits now call Dubai home.
