In the wake of FTX and Kraken, what’s the future of UAE crypto?

In the wake of FTX and Kraken, what’s the future of UAE crypto?

After a tumultuous period in global cryptocurrency that included persistent price falls and several high-profile bankruptcies, the sector in the UAE has seen its own changes.

FTX was enveloped in a global scandal and filed for bankruptcy before it had chance to gain a foothold in the region last autumn, and Kraken announced suspension of its AED services earlier this month.

How impactful are these changes for the UAE’s crypto scene, bearing in mind that both Dubai and Abu Dhabi have ambitions to position themselves as hubs for cryptocurrencies?

“There will always be change in crypto blockchain because it is a new and developing sector; however, it is very important not to focus on crypto-exchanges,” said Jehanzeb Awan, Chairman of the Crypto and Blockchain Association, Middle East, Africa & Asia (MEAACBA).

“These are just a small part of the overall ecosystem,” Awan continued. “ We expect to see more startups and closures but to have continued strong overall growth in the sector in the GCC or UAE market.”

Awan said the UAE is seen as a centre of innovation for the crypto-blockchain ecosystem, from regulation to education and support.

“This approach is helping to stimulate the sector across the region,” he said. “Some countries like the