The United Arab Emirates (UAE) has been named as the world’s biggest contributor to crypto token sales, so far this year as per data recently released by CoinSchedule.
According to the report, the Gulf nation has raised more than 25% of funds, since the start of 2019 with $210.5 million. The Cayman Islands came second with $103.8 million and Singapore earned the third rank with $89.7 million.
Interestingly, the United States has long dominated token sales and as per the data has fallen to sixth place in terms of the funds raised since January; with investors pledging $37.2 million to token sales, a fifth of their counterparts in the UAE.
Reportedly this surge, in UAE’s crypto investments has been sudden, especially as the state did not even feature in the top 10 countries for digital token sales in 2018.
Considering that initial coin offering has come under scrutiny in the U.S. over recent months, Alex Buelau, the CEO of CoinSchedule, told Bloomberg:
“We are seeing the continuation of the move away from the USA due to regulatory concerns.”
As per Bloomberg, the two big tokens that have driven UAE’s dominance in CoinSchedule’s rankings are GCBIB and Bolton Coin. GCBIB develops banking products for crypto users, while Bolton Coin is a business offering investments in real estate and crypto mining.
However, when it comes to holding the most token sales, CoinSchedule’s data tells a different story. Singapore dominated the charts since the start of the year with 12, followed by the United Kingdom on nine and the United States on seven.
As for UAE, the country has been seeking to become a leading destination for blockchain-related businesses by preparing new crypto legislation. In January, the UAE and Saudi Arabia unveiled a cooperate plan over creating a cryptocurrency to help facilitate cross-border transactions between the two countries.
Read more:The US SEC Suspends Trading In Securities Of Bitcoin Generation
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