11.4% of UAE citizens have invested in cryptocurrencies, according to the Telecommunications and Digital Government Regulatory Authority (TDRA)

According to the Telecommunications and Digital Government Regulatory Authority, 11.4% of inhabitants of the United Arab Emirates (UAE), which is preparing to become a worldwide crypto hub, have entered this industry (TDRA).

TDRA’s “Digital Lifestyle” 2022 research, this indicates that one in ten people in the UAE are exposed to cryptocurrencies, placing the nation 10th globally in terms of cryptocurrency investments. Those living in the United Arab Emirates’ most renowned city, Dubai, are among them (UAE).

According to the Khaleej Times, the findings of the TDRA’s 2022 Digital Lifestyle study indicate that the UAE is on track to achieve its goal of becoming a global hub for digital assets. Furthermore, the TDRA’s Digital Lifestyle report appears to vindicate the UAE’s decision to be one of the first countries to adopt and regulate cryptocurrencies.

UAE’s Goal of Establishing a Global Crypto Hub

The UAE is set to become the global hub for cryptocurrencies and experts have lauded the country’s role in promoting and adopting virtual currencies as several digital asset exchanges and crypto firms have launched their operations in the country, thanks to Abu Dhabi Global Markets and Dubai Virtual Assets Regulatory Authority.

The UAE is now home to a number of significant businesses, including the largest digital asset exchange in the world, Kraken, Crypto.com, Bybit, Binance and more.

The DMCC Crypto Centre was introduced by the Dubai MultiCommodities Centre (DMCC), a free zone devoted to commodities trade and commerce. It offers a complete ecosystem for companies working in the blockchain and cryptographic industries. The Center has successfully registered thousands of cryptocurrency companies and exchanges.

With 35% of its population now possessing cryptocurrencies in some form, the UAE is the third-largest country in the world in terms of adoption, according to a Gemini survey.

By granting operational licenses to international cryptocurrency platforms, the UAE has been fostering or aiding in the growth of the use of cryptocurrencies. As previously reported by Bitcoin.com News, the Virtual Assets Regulatory Authority (VARA), a regulatory body in the United Arab Emirates, has granted licenses to well-known cryptocurrency exchange sites like Binance, FTX, and OKX.

These may be some of the driving forces for the UAE’s ranking as the tenth-leading nation in terms of bitcoin investments, according to the Khaleej Times analysis.