The race for the next world order already begins with blockchain and crypto acceptance and as more and more countries line up it has definitely intensified. While most of the focused activity is still concentrated in Japan, Korea, and the USA, the United Arab Emirates has emerged as the world’s capital for sales of digital tokens.
UAE accounts for more than a quarter of funds raised in 2019
According to the data posted by CoinSchedule, it looks like the United Arab Emirates has just emerged as the world’s capital for sales of digital tokens, accounting for more than a fourth of all funds raised in offerings this year through early April.
Sale of Token in UAE accounted to more than $210 million defeating the United States which has been the leader for quite some time. For UAE the rise has been amazing as the country, till last, did not even feature in the top 10 by funds raised in token sales. For the United States, the story has been pretty opposite and the slide has been pretty steep as the western nation has slipped from first place for 2018 to seventh in recent months.
Alex Buelau, chief executive officer of CoinSchedule, was quoted saying by certain media where I mentioned
“We are seeing the continuation of the move away from the USA due to regulatory concerns,”
For UAE, the spike in volume is tied to two big sales. GCBIB, which is developing banking and insurance products for cryptocurrency holders, raised $142 million, and Bolton Coin, offering a way to invest crypto mining and real estate, raised $67 million.
In terms of countries leading the number of token sales this year, Singapore leads the way followed by the U.K. and the Cayman Islands
UAE, since last year, has been striving to become a leading destination for blockchain-related businesses. The lawmakers in the desert nation have also been striving to build up promising new crypto legislation. According to the last announcement, UAE was to finalize rules for initial coin offerings by mid-2019 and is expected to bring in friendly law.
“The UAE is perfectly positioned to be a global leader in the ICO space,”
said Hans Fraikin, chief executive of Libra Project in Abu Dhabi, which is issuing equity tokens in green utility infrastructure.
For Tokenised start-ups using encrypted blockchain technology, the UAE is the most progressive and promising jurisdiction in the world to be based out of right now, Mr. Fraikin said.
UAE is definitely changing the game for cryptos in Asia and seems to have found a way to make it economy less dependent on oil. With friendly regulations for cryptos, UAE looks to cement its position back as one of the leading financial centers of the world
Will UAE become the leading nation for blockchain and crypto going forward? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.