The Middle East Becomes Significant As A ‘Cryptocurrency Capital’
The United Arab Emirates have emerged to become one of the few capitals in the world which placed emphasis on welcoming crypto transactions. Asia Times reported that this has resulted in Dubai becoming counted among the few places who have readily embraced crypto transactions, surpassing even the US and the UK in that regard.
Business Times reports in its article The Middle East Becomes Significant As A ‘Cryptocurrency Capital’ that recently posted data from analysts showed that more than $210 million had been delivered in the Arab nation, in the form of token sales. This was enough to put it among the top nations using cryptocurrency in 2019. In contrast, last year, Dubai wasn't even included in the top 10 of the very same list.
The US, meanwhile, climbed down several places from first to sixth in the crypto funding list. Initial coin offerings (ICO) continued to go down even as Washington's regulators continued to map out how crypto transactions are supposed to take place; however, their 'hardline' approach to making regulations for the crypto-currency has brought things down rather than lift it up.
Even more evidence of the Middle East's friendliness to cryptocurrencies are reported by Zawya, seen in the latest Lendit Fintech USA 2019 event. The Dubai International Financial Center (DIFC) led the way into the event, launching 'A Roadmap for FinTech Firms Entering the Fast-Growing Emerging Markets' report during the event.
The DIFC took it upon themselves to lead the way into the FinTech opportunities currently opening up in the region; it's what they think is their responsibility, considering that they are located in the financial hub of Africa, the Middle East, and South Asia. The collaboration with Lendit was only one of the targets they wanted to accomplish in order to speed up the dissemination of information.
DIFC also worked with LendIt in producing the whitepaper about FinTech opportunities available to the countries in and around the Middle East. The report was launched during the conference and provided insights and recommendations to organizations and corporations interested in including cryptocurrencies in their transactions and processes.
The global market didn't only recognize the Middle East. Among the markets priming for the inclusion of cryptocurrency as part of their daily processes included the US, China, India, and the rest of Asia. Singapore placed third on the list as well, following the Cayman Islands, while Chinese territory Hong Kong was found fourth on this global list.