UAE records $25b of crypto transactions – GulfToday – Gulf Today

UAE records $25b of crypto transactions – GulfToday – Gulf Today

Top officials pose for a group photo at the event in Dubai.

Inayat-ur-Rahman, Business Editor

The UAE recorded $25 billion of crypto transactions in 2022, and is pushing to attract further investment through accommodative regulatory stances, a report showed.

Dubai Multi Commodities Centre (DMCC) released a special edition of its Future of Trade thought leadership report focused on Web3, examining the key drivers of growth, innovation and digital decentralisation in a number of technology trends.

The UAE known for adapting path breaking innovations has seen rapid growth in cryptocurrency activities in last couple of years.  It has attracted global players to set up their operations with its investor friendly policies.

As per the latest figures available the Digital Economy Strategy aims to double the contribution of the digital economy to the UAE’s gross domestic product (GDP) from 9.7 per cent in 2022 to 19.4 per cent within 10 years. It also seeks to enhance the position of the UAE as a hub for digital economy in the region and globally.

Hani Asfar, Chief Executive Officer, GCB Token, said, “GCB Token grabbed the attention of the crypto community since its contrary to all other crypto projects, GCB token ICO was launched after its