According to an UAE regulatory body, Telecommunications and Digital Government Regulatory Authority (TDRA), around 11.5% of the country's residents invest in cryptocurrencies. Placing the country among the top ten with the highest number of residents investing in crypto assets.
According to the 2022 Digital Lifestyle Study by TDRA, the UAE could be on track to fulfill its goal of becoming a global hub for digital assets. The document reveals some points that show that the decision of the United Arab Emirates to become one of the first countries to adopt favorable regulation for companies in the sector was correct.
One of the ways the country has been promoting or helping to boost the use of cryptocurrencies is through the issuance of operational licenses for global cryptocurrency platforms. The UAE – through regulatory bodies such as the Virtual Assets Regulatory Authority (VARA) – has issued licenses and welcomed several international cryptocurrency exchanges with open arms.
In addition, the country has focused on creating a regulatory and oversight framework that meets global standards. which certainly propelled the UAE to its ranking as the tenth leading country in terms of cryptocurrency investments. In late 2021, Dubai authorities declared that the Dubai World Trade Center (DWTC) would soon become a comprehensive regulatory zone for crypto-assets and companies in the sector.