Unveiled: The UAE is at the forefront of driving cryptocurrency adoption across various industries, showcasing a range of real-world applications.
This surge has led to a significant increase in crypto ownership within the country, estimated at 27% of the UAE’s population. The broad acceptance of cryptocurrencies in the UAE can be attributed to strategic decisions at the state level and the nation’s dedication to embracing innovation and technology.
The UAE is taking a global lead in expanding cryptocurrency adoption beyond the financial sector. Government regulatory policies, known for their industry-friendly approach, are now structured, resulting in real-world use cases spreading rapidly across diverse sectors such as telecom and gaming, as per industry experts.
Companies are intensifying their efforts to fuel further growth, offering an expanding array of use cases. This aims to make digital currency adoption more inclusive and accessible across more industries without disrupting traditional systems, riding on the current upward trend in crypto ownership, estimated at 27 percent of the country’s population.
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“With regulations taking a structured shape, cryptocurrencies are finally finding value in several real-world use cases in diverse industries in the UAE,” shared Sergey Sheleg, Chief Product Officer at eSIM Plus, a global virtual SIM provider, with Arabian Business.
“One such example is as a payment option for basic telecom access, something we are seeing among a significant section of consumers in countries like the UAE,” he added.
Sheleg emphasized that the widespread ownership of cryptocurrencies in major economies validates growing investor trust in the UAE’s current regulatory environment.
However, he also noted that while this increase is positive, all stakeholders must ensure that crypto adoption is more inclusive, covering the entire spectrum of traditional and emerging sectors.
Sergey Sheleg, Chief Product Officer at eSIM Plus
UAE population actively involved in crypto industry
Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis (RAK DAO), the world’s only common law free zone exclusively dedicated to non-regulated digital and virtual asset companies, stated that the UAE population is actively involved in the crypto industry.
“RAK DAO is excited to see 27.67 percent of the UAE population actively involved in cryptocurrencies,” Al Ansari shared with Arabian Business.
He highlighted that this statistic signifies a transformative shift towards digital assets and investments, positioning them as a significant force shaping the dynamic landscape of the UAE.
Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis (RAK DAO)
Phillip Lord, President of Oobit, a crypto payments app, and co-founder of Pimlico Partners Middle East, emphasized that the increase in crypto owners underscores the immense potential of digital currencies.
“Companies are adopting an approach that integrates the benefits of cryptocurrency and Web3 without disrupting the traditional system. This cultivates a more inclusive and accessible financial landscape, expediting cryptocurrency’s widespread adoption and further growth,” Lord shared with Arabian Business.
“The key insight is to empower individuals to seamlessly use their crypto holdings for everyday transactions without altering the familiar system,” he added.
“For instance, at Oobit, we optimize the existing contactless payment infrastructure with additional advantages,” Lord explained.
Bill Qian, Chairman of Cypher Capital, a venture capital firm based in the UAE focused on crypto, blockchain, and digital asset-related projects worldwide, mentioned that besides the UAE, the GCC region is also experiencing a remarkable uptick in crypto investment.
“This is buoyed by the exceptionally friendly regulatory landscape towards digital assets,” Qian noted with Arabian Business.
Bill Qian, Chairman of Cypher Capital
Gaming industry sees surge in digital currency adoption
Industry experts pointed out that the gaming industry in the UAE – and the wider region – is one of the major beneficiaries of the surging and widespread adoption of digital currencies.
Mohsin Waqar, CEO of Senet System, a ‘skill to earn’ Web3 gaming platform with significant influence in the Middle East, said the surge in crypto adoption, signaling a transformation beyond finance, is rapidly permeating into diverse industries, notably gaming.
“The launch of the ‘Dubai Program for Gaming 2033’ by Sheikh Hamdan bin Mohammed Al Maktoum last month is a clear testament to the visionary convergence of technology and innovation – an initiative that may ultimately position Dubai as a premier crypto hub and global gaming powerhouse,” Waqar stated with Arabian Business.
He mentioned that the existing prevalence of regulatory bodies in the region, such as the Securities and Commodities Authority (SCA), is playing a crucial role in establishing and implementing regulation, along with the GCC’s geo-locations as a thriving business hub with a keen interest in shifting towards smart city schematics.
“The recent data that suggests over 27 percent of the UAE population is actively involved in the crypto industry reflects a profound shift in how individuals perceive and engage with digital and financial assets,” Waqar concluded.
Mohsin Waqar, CEO of Senet System
Bundeep Rangar, CEO of Fineqia, a publicly listed Canadian company giving investors exposure to a diversified portfolio of crypto-related investment opportunities, told Arabian Business the widespread adoption of cryptocurrency in the UAE can be attributed to the strategic decisions made at the state level.
“Reflecting a progressive and forward-looking approach, the UAE government has articulated its ambition to position the nation a decade ahead of the rest of the world’ in terms of innovation and technology adoption,” Rangar stated.
“This commitment to staying at the forefront of technological advancements aligns with the UAE’s economic openness and favorable tax policies, creating an environment conducive to the seamless integration of cryptocurrencies into the financial ecosystem,” he added.
Publish 2 Jan 2024
Source: https://www.arabianbusiness.com/money/wealth/alternative-assets/revealed-uae-leads-the-world-in-spreading-cryptocurrency-adoption-across-industries-with-range-of-real-world-use-cases
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