The Crypto Oasis Ecosystem Report was launched today at the Future Blockchain Summit by Crypto Oasis. The report provides an overview of the cryptocurrency market in the UAE. The study is based on conversations with over 1,400 organizations active in the UAE and work in the crypto space. 65 percent of them are native blockchain organizations and 35 percent are non-native blockchain organizations. Currently, there are over 7,000 organizations working in the crypto space in the UAE. While we know that the UAE is doing well in the cryptocurrency sector, the report validates growth in the region backed with data and information such as who is in the crypto ecosystem, what they are doing in this space and how they have grown. Ralf Glabischnig, Founder of Crypto Oasis stated, “The regional market is expected to grow ten times with access to the financial resources and opportunities in the UAE. We are on the cusp of something phenomenal”.
Centralized banks across the world are exploring the world of CBDC by launching pilots and creating frameworks, while understanding its possibilities and limitations. “With the COVID-19 pandemic, we witnessed a higher utilization of digital and mobile wallets, and a significant decline in the use of cash. Centralized banks are opening to the idea of synthetic CBDC, a hybrid model of partnership that brings the public sector and private players together where the CBDCs are regulated by the public sector and the platform is managed by private organizations,” stated Kaj Burchardi, Platinion Managing Director, Boston Consulting Group at a session on Stablecoins and the path to Central Bank Digital Currency (CBDC).
Industry thought leaders came together to discuss how Dubai is on the right track to be a global crypto hub, and why a traditional approach will not work for the new world of cryptocurrencies. The UAE is on course with tailored, sound and flexible regulations for the crypto world. “We are optimistic about growth in the UAE as they have created a healthy ecosystem. The legislators and regulators are in dialogue with the community, there is flexibility for economic growth and room for innovation,” shared Mark Aruliah, Senior Policy Advisor – MEA, Elliptic, Amardeep Thandi, Director, Crypto Regulatory and Compliance Lead MEA. UAE is setting the right conditions for the crypto market to flourish. Alex Chehade, Executive Director and General Manager (UAE) Binance, agreed, “Dubai is pushing to be a first mover in this industry. The leadership here is open to Web3. It is being pushed top-down and a digital economy is a part of the UAE’s future.”
Blockchain technology comes with several societal advantages. Aleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine on IT Industry development, Ukraine Government, spoke about how blockchain technologies helped Ukraine during the ongoing conflict.. “We have 20 million users on the Diia platform. It helps Ukrainian citizens to use digital documents in their smartphones instead of physical ones for identification and sharing purposes. Many didn’t have access to their papers or IDs. They relied on Diia as a digital identity.”
