- In 2022, cryptocurrency transactions of $25 billion were reported by the United Arab Emirates (UAE). In light of accommodating regulatory measures, it is currently exploring new investment, according to a report released on Monday.
- The Dubai Multi Commodities Centre (DMCC) conducted research and produced a study on the business possibilities and opportunities associated with Web3 applications. These applications provide cryptocurrency-based digital infrastructure, the metaverse, and Decentralized Finance (DeFi) using blockchain technology.
According to the institute, the metaverse market will be valued at $3.4 trillion by 2027. This spike was attributed to the potential for generating compelling use cases and the quick advancements in artificial intelligence.
Additionally, the DMCC projects that the Decentralized Finance (DeFi) market would expand dramatically, rising from $13.6 billion in 2022 to $600 billion by 2032. This increase is expected to be driven by the increasing demand for easily accessible and efficient financial services.
After a while of turmoil, the cryptocurrency market seems poised for a steady phase. The resurgence of Bitcoin in 2023 is a dependable indicator of institutional circles and industry participants’ rekindled enthusiasm in enduring and worthwhile crypto services.
The center did acknowledge, however, that the laws that regulatory bodies decide to impose would have a significant impact on how these markets evolve going forward. A careful balance between encouraging innovation, safeguarding consumers, and lowering the risk of fraud will be crucial.
The DMCC, the best free zone in Dubai, attracts businesses with tax cuts and other advantages. In 2021, it established a unique cryptocurrency hub at Jumeirah Lake Towers. This initiative was introduced concurrently with a surge of cryptocurrency businesses hoping to take advantage of the UAE’s aspirations to establish itself as a significant global center for cryptocurrencies.
By providing a shared workspace, the main goal of the DMCC Crypto Centre is to encourage networking and collaboration among business owners involved in the blockchain and cryptocurrency industries.
Last year, the crypto center welcomed 600 new members in total. Solana and Bybit are two notable associates.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
