SAUDI ARABIA AND THE UAE DRIVE GROWTH IN $338.7BN CRYPTO MARKET

Thu 26 September 2024:

Saudi Arabia and the United Arab Emirates (UAE) are emerging as key players in the global cryptocurrency market, fuelling a sector now valued at $338.7 billion. Both Gulf nations have embraced blockchain technology and digital assets as part of their broader economic diversification efforts, positioning themselves as regional hubs for crypto innovation.

The UAE, particularly Dubai, has been at the forefront of developing a regulatory framework to attract crypto exchanges and fintech startups. In recent years, Dubai’s crypto-friendly policies have drawn major players such as Binance and Kraken, solidifying its reputation as a digital finance hub. Meanwhile, Saudi Arabia is exploring blockchain use cases for sectors like banking and logistics, as part of its Vision 2030 plan to modernise its economy and reduce reliance on oil.

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With strategic investments in blockchain technology and a growing interest in decentralised finance (DeFi), both nations are driving significant growth in the Middle East’s cryptocurrency market. Experts predict that the region’s regulatory clarity and investment in digital infrastructure will continue to propel the crypto market forward, making Saudi Arabia and the UAE key destinations for crypto innovation and investment.

-MEMO

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