UAE’s Bid to Become the Crypto Capital of the World

The United Arab Emirates currently leads the list of crypto owners per capita, with more than 27% of its population identifying as crypto asset owners. This metric is indicative of the UAE’s bid to become the crypto capital of the world by introducing an appropriate regulatory framework for the crypto industry.

Crypto owners (% of population):

🇦🇪 United Arab Emirates: 27.67%
🇻🇳 Vietnam: 20.54%
🇸🇬 Singapore: 13.93%
🇮🇷 Iran 13.46%
🇺🇸 United States: 13.22%
🇵🇭 Philippines: 13.02%
🇺🇦 Ukraine: 10.31%
🇻🇪 Venezuela: 10.28%
🇿🇦 South Africa: 10%
🇹🇭 Thailand: 9.32%
🇮🇳 India: 7.23%
🇧🇷 Brazil:…

— World of Statistics (@stats_feed) September 9, 2023

According to a recent tweet by the World of Statistics on X (formerly Twitter), more than one in four people in the United Arab Emirates own crypto assets. The UAE was followed by Vietnam and Singapore, where the percentage of the population that owned crypto assets is 20.54% and 13.93% respectively.

The United States, the Philippines, Ukraine, and Thailand were among some of the other countries in the top ten. Cuba and the Vatican occupied the bottom spots, with 0% of their populations identifying as crypto owners. Meanwhile, Norway (1.13%), Denmark (1.16%), Finland (1.36%), and Saudi Arabia (1.60%) reported some of the lowest crypto ownership.

The United Arab Emirates has managed to position itself as a significant crypto hub over the recent years. A hospitable business environment, appropriate crypto regulations, and a friendly regulatory agency have made it one of the top crypto tourism destinations for traders, investors, and startups alike.

According to the Crypto Wealth Report, the UAE is currently competing with Singapore and Switzerland for the top spot in terms of crypto adoption. The report was released by Henley & Partners, an investment migration consultancy, earlier this month. The UAE lagged behind those regions when it came to crypto infrastructure adoption, regulatory environment, and other economic factors. The report also identified the UAE as an excellent crypto destination due to its tax friendliness.

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