The United Arab Emirates (UAE) is being touted as a hotbed for cryptocurrencies and blockchain technology, thanks to its strong regulatory framework, government support, and fertile business environment. Eric Anziani, President and Chief Operating Officer of Crypto.com, made the observation during a panel discussion on fintech at the Investopia conference held in Abu Dhabi on Thursday.
Anziani noted that in countries such as Turkey and Latin America, there is growing demand for stablecoins due to hyperinflation, and urged governments to implement measures to protect consumers. He added that stablecoins have played a crucial role in such markets by helping to preserve value.
Investopia, launched in 2021, is part of the first set of Projects of the 50 developmental and economic initiatives announced by the UAE government last year. It aims to accelerate the nation’s growth over the next five decades and is being held this year under the theme “Envisioning opportunities in times of change,” in partnership with the Abu Dhabi Department of Economic Development.
The UAE is the second-largest economy in the Arab world and is exploring future investment opportunities. Fintech startups led in both funding and the number of deals in the Middle East, Africa, Pakistan, and Turkey region last year, according to data from Magnitt, with the sector’s funding standing at $2.25bn across 351 deals in 2022.
The adoption of fintech has been hastened by the Covid-19 pandemic, with Sameh Al Qubaisi, board member of Abu Dhabi-based digital lender Wio Bank, pointing out that mobile adoption in the UAE is almost 90%. He added that the country is ranked 13th globally in technology usage, according to IMD World. The government is actively seeking investment opportunities to accelerate the nation’s growth over the next five decades, after the pandemic transformed economies and raised the need for sustainable growth.
