The United Arab Emirates (UAE) has surpassed the United States and the United Kingdom in digital token sales, accounting for a quarter of all crypto funds raised worldwide, according to Bloomberg.
As reported by Asia Times and Bloomberg — citing data from analytics site CoinSchedule — the UAE has drawn more than US$210 million in crypto fundraising so far this year, topping the list of countries by token sales. The US meanwhile dropped from first place to sixth in token sales, as initial coin offerings (ICOs) continue their decline and Washington regulators maintain their hardline stance on digital assets.
Alex Buelau, CEO of CoinSchedule, said the market is currently seeing a “continuation of the move away from the USA due to regulatory concerns.” Authorities in China and India have also taken a strict approach to the industry, effectively leaving the Middle East in the lead for crypto adoption, with Asia close behind.
The Cayman Islands ranked second on the top listing, followed by Singapore at third place and Hong Kong at fourth.
Saudi Arabia has also been heavily involved in the digital asset industry, as it advances new banking partnerships to enable cross-border transactions. In a statement made at the inaugural Financial Sector Conference in Riyadh in April, the Saudi British Bank (SABB) announced deepening ties with San Francisco-based blockchain company Ripple to launch an instant cross-border transfer service.
Earlier this year, the Saudi-Emirati Coordination Council also reached an agreement to pilot a cryptocurrency for cross-border transfers between Saudi and Emirati banks.
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