TDRA: Over 11% of UAE Residents Engage in Cryptocurrency Investments

04 Nov 2022
TDRA: Over 11% of UAE Residents Engage in Cryptocurrency Investments

Approximately 11.4 percent of UAE residents have ventured into cryptocurrency investments, as reported by the Telecommunications and Digital Government Regulatory Authority (TDRA).


This translates to one out of every ten individuals in the UAE having exposure to cryptocurrencies, positioning the country as the 10th largest globally in terms of cryptocurrency investments, according to TDRA’s “Digital Lifestyle” 2022 report.


Notably, significant players in the cryptocurrency sphere, such as the world’s largest digital asset exchange Kraken, global platform, and Singapore-based exchange Bybit, among others, have established themselves in the UAE.


The UAE is poised to emerge as a key global hub for cryptocurrencies, with experts praising the country’s efforts in promoting and embracing virtual currencies. This is evidenced by the influx of digital asset exchanges and crypto firms launching operations in the country, facilitated by entities like Abu Dhabi Global Markets and the Dubai Virtual Assets Regulatory Authority.


The Dubai MultiCommodities Centre (DMCC), a free zone dedicated to commodities trade and enterprise, has introduced the DMCC Crypto Centre, a comprehensive ecosystem tailored for businesses operating in cryptographic and blockchain sectors. The Centre has successfully registered numerous digital asset exchanges and cryptocurrency firms.


According to a survey by Gemini, the UAE ranks as the third largest country in the world in terms of crypto adoption, with 35 percent of its populace already possessing some form of cryptocurrency.