Gulf Arab States Poised to Lead Global Blockchain Industry

Asia Blockchain Review
July 22, 2019

Several countries across the Middle East, including Bahrain, the United Arab Emirates (UAE) and Saudi Arabia, have made enormous strides over the past years in establishing regulatory frameworks geared towards optimizing the utilization of cryptocurrencies.

As reported by Cointelegraph, the UAE is among the few nations in the world where the local government has placed special emphasis on promoting crypto use.

Mixed Messages on Crypto Causing U.S. Industry Uncertainty

During Q1 2019, UAE-based blockchain startups raised as much as US$210 million, putting the Gulf nation at the top of the world’s token sale list and outperforming countries such as the United States and the United Kingdom.

Notably, the U.S. has since slid down from the number one spot to rank sixth on the crypto funding list, owing mainly to the rather confusing stance adopted by American lawmakers towards the digital asset industry in general. 

Due to regulatory concerns, more companies are moving away from the U.S. and into more accommodating regions, such as the Cayman Islands or Singapore.

Established Crypto Entities Turn to the Middle East for Investment

The adoption of harsh measures towards local crypto markets in some countries, such as China and India, has also helped put the Middle East in a better position to lead crypto adoption in Asia.

Another recent development has been the trend of established crypto entities turning to the Middle East in order to acquire investments for their prospective projects. 

As the global crypto economy continues to take shape and evolve, it seems likely that established players will continue trying to tap into the Gulf market in pursuit of its massive monetary potential.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us