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.
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.
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.
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