UAE remains a burgeoning blockchain capital in 2023

UAE remains a burgeoning blockchain capital in 2023

The year 2022 was an adventurous year for crypto, with the industry shaving more than $2 trillion off its market cap. Beyond nosediving prices and spiralling confidence, a stream of bad actors and fraudulent practices did little to bolster the industry’s tenuous reputation—just eight per cent of Americans now hold a positive view of crypto. Despite the damning numbers, it’s not all doom and gloom for the blockchain space. While their counterparts were busy blowing up, the serious contenders continued to build and regions such as UAE or within the Middle East emerged as crypto-friendly hubs.

With blockchain growing fast, the latest reports suggest more than $78 billion in remittance payments between Saudi Arabia and UAE, as they make the top 30 largest global remittance lists. The UAE government has been particularly supportive of blockchain technology in recent years, with a slew of initiatives to propel its country to the forefront of blockchain adoption. Some of these efforts include the Emirates Blockchain Strategy 2021, which aimed to digitise at least 50 per cent of government transactions, the Dubai blockchain strategy to make Dubai the 'happiest city on earth' and the first to be fully powered by blockchain technology, and the Dubai