The UAE has been making waves in recent years as it tries to become one of the biggest and boldest tech hubs in the world. And as it continues to invest in various other types of technology, there is a real possibility that the country soon become a major hub for crypto as well.
In fact, many analysts are saying that the crypto market in the UAE is a tsunami that is currently in the making. the waves that this tsunami will make can disrupt more traditional forms of finance, as DeFi and banking start to merge.
2022 saw the rise of legitimacy of the crypto market, as many of the companies have a difficult time trying to make the most of the market. Crypto firms managed to merge with firms like MasterCard and Google to offer a range of unique services.
Following the influence of this tsunami, many experts believe that the Coinbase and Google partnership will not be an anomaly in the near future. These types of deals will become standard for most types of cryptocurrencies, giving investors plenty of options.
Becoming the Global Crypto Capital in Five Years
Along with being one of the biggest sources of innovation for the crypto market, the UAE is also set to become a global capital for cryptocurrencies in the near future. Some even believe that this transition of the capital could happen in less than five years.
One of the reasons why most experts in the market believe that the UAE will be the capital of international crypto is because it is a melting pot of ideas. All of the best entrepreneurs, developers, and venture capitals are all converging to this single place.
However, analysts also credit the country’s policy towards cryptocurrency for the influx of talent in the country.
The Best in Crypto Adoption Globally
Experts throughout the market have also witnessed the rise of crypto adoption globally and compared it to that of the UAE. More and more people are coming into the crypto space thanks to the integration of relevant technology.
In fact, the rise of relevant tech aside, there is also a considerable amount of collaboration between the web3 and banking industries. Therefore, crypto adoption is not only encouraged in the country, but it is also seamless.
Plenty More to Come
Of course, the incredible rise of cryptocurrencies in the UAE is by no means an anomaly, as nearly every country is rushing to integrate cryptocurrencies. The UK, US, and the EU are already working on multiple ways that they can better integrate crypto through legislation.
However, while they are working on legislation, none of them are focusing as much on innovation and tech, quite like the UAE.