The UAE recorded $25 billion in crypto transactions in 2022, according to a report from the Dubai Multi Commodities Centre (DMCC). This leap highlights the nation’s aggressive push into the digital asset space.
The study underscores the rapid growth in decentralized finance (DeFi) and metaverse applications. The latter are supposed to hit $3.4 trillion by 2027.
DeFi is expected to grow from $13.6 billion in 2022 to a whopping $600 billion by 2032. We are on the verge of a big break, obviously. And UAE is steaming ahead.
The DMCC Crypto Centre, part of Dubai’s strategy to become a global crypto hub, now boasts over 600 members. That includes notable firms like Bybit and Solana. All of them enjoy favorable regulatory policies of the UAE.
However, the future trajectory of these markets will depend heavily on regulatory approaches that balance innovation and consumer protection.