The UAE recorded $25 billion in crypto transactions in 2022 and is adopting flexible regulations to boost further investment, according to a DMCC report.
The report highlights the potential of Web3 technologies, predicting the metaverse market to reach $3.4 trillion by 2027 and the DeFi market to grow from $13.6 billion in 2022 to $600 billion by 2032.
Despite market volatility, Bitcoin’s 2023 resurgence indicates a growing interest in sustainable crypto solutions. Regulatory decisions will play a key role in the industry’s future growth.
The DMCC, Dubai’s tax-friendly free zone, launched a crypto hub in 2021, attracting numerous crypto firms. The hub aims to foster collaboration among crypto entrepreneurs, boasting over 600 members, including Bybit and Solana.
DMCC’s Future of Trade report highlights Dubai and the UAE’s supportive approach to Web3 growth, emphasizing digital decentralization and investor-friendly policies. CEO Ahmed Bin Sulayem sees DMCC as well-positioned to aid Web3 companies.
Belal Jassoma, DMCC’s Director of Ecosystems, notes Dubai’s positive regulatory environment and the DMCC Crypto Centre’s role, making Dubai a prime hub for Web3 businesses.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
