UAE’s Digital Gold Rush: A Nation United By Cryptocurrency

The global count of cryptocurrency holders has surpassed 420 million, as indicated by Triple-A’s data on Dec. 19.

The top five countries are India, the United States, Vietnam, Pakistan, and the Philippines. India leads the list with 6.55% of its population involved in cryptocurrency, followed by the USA with 14.36%, Vietnam with 21.19%, Pakistan with 6.60%, and the Philippines with 13.43%. 

The UAE and Saudi Arabia Embrace Cryptocurrency

The highest concentration of cryptocurrency holders is found among residents of the UAE. Per the data, 27.67% of the population of 9.5 million actively engages in cryptocurrency. One contributing factor to the widespread adoption in the country is the formal recognition of cryptocurrencies. In March 2022, Dubai established its inaugural independent regulatory body, the Virtual Assets Regulatory Authority (VARA).

Similarly, neighboring Saudi Arabia has experienced a surge in interest in cryptocurrency adoption, with a rate of 17.53%. Saudi Arabia’s commitment to its “Vision 2030” plan is aimed at economic diversification and embracing technological advancements. Moreover, it aligns with the global trend of integrating blockchain and cryptocurrencies into mainstream financial systems.

Vietnam

Another leader among the countries is Vietnam. The state has no official position on cryptocurrencies, but there is no complete ban, as seen in China. This allows for easy access to them and the possibility of avoiding taxes. It is also known that about 70% of the population does not have access to banking services, which makes cryptocurrency one of the alternatives.

According to Triple-A data, Asia emerges as a stronghold in the dynamic landscape of cryptocurrency adoption. The region boasts a remarkable 263 million users. This is followed by North America with 57 million, Africa with 38 million. Furthermore, there’s  South America with 33 million, and Europe with 31 million. Oceania has the lowest number, with 1 million.