Crypto Oasis proudly presented the an update on the ever-evolving UAE blockchain ecosystem during the second edition of Dubai FinTech Summit 2024. Over the past year, The number of active companies has surged from 1,800 to 2,040, marking a significant 13.3% YoY increase. This growth is a testament to the robustness and innovation within the industry, which now has over 10,600 professionals, with a healthy mix of 71% native Blockchain organizations and 29% non-native companies contributing to the ecosystem.
The UAE Ecosystem proves to be a hub for innovation and a magnet for attracting talent with over 10,600 individuals now working in the space.
Key Highlights:
- Active companies within the ecosystem surged by a significant 13% year-on-year, reaching a staggering record of 2,040 organizations.
- Marked increase in the industry workforce, with over 10,600 individuals working in the Blockchain space.
- Regulatory clarity drives crypto industry growth as major global names such as Binance, Bybit, and OKX receive Virtual Asset Service Provider (VASP) licenses from VARA.
Within the vibrant UAE blockchain ecosystem, a diverse array of organizations contributes to its continuous success. Traders, brokers, and asset managers form a significant segment, accounting for 20.6%. Close behind, 19.9% are dedicated to technology and advisory services. NFT platforms represent 6.9%, while venture capitalists (VCs) make up 5.3%. The metaverse has a growing presence with 3.7%, and Web3 gaming initiatives account for 3.1%. Additionally, tokenization platforms are carving out a niche, representing 1.5% of the Blockchain organisations in the country.
The past year has been pivotal for the UAE blockchain space, with notable developments that have solidified its position as a global leader in blockchain innovation and disruption. VARA, the Virtual Asset Regulatory Authority, has demonstrated a commitment to responsible growth and intends to secure the market’s integrity. Regulatory tailwinds have helped establish the region as a welcoming hub for blockchain enterprises.
Binance, Fasset, Hex Trust, Komainu and OKX are among the global crypto service providers to receive the VASP (Virtual Asset Service Provider) license from VARA last year. Regulatory milestones include, Aquanow, Bybit, Crypto.com and Deribit receiving preliminary licenses from VARA.
Throughout 2023, the UAE has seen a significant increase in cryptocurrency adoption, reinforcing its status as a burgeoning centre for digital finance. The XRP token from Ripple has been approved under the Dubai Financial Services Authority (DFSA) and Iota, an open-source distributed ledger focused on the Internet of Things (IoT) announced the creation of the Iota Ecosystem DLT Foundation in Abu Dhabi Global Markets (ADGM). Furthermore, the launch of the Dubai Web3 and AI Campus at the DIFC last year has positioned the UAE at the forefront of technological convergence, attracting talent and investment from across the globe.
Other blockchain-related news that shows the ecosystem’s remarkable growth trajectory is the fact that the UAE-based Bitcoin miner Phoenix Group became the first crypto-related firm to go public on the Abu Dhabi Securities Exchange at the end of 2023. DFINITY, a Layer 1 protocol, set up their regional hub, ICP.Hub GCC, is an initiative to provide an access point for projects and developers in the region into the Internet Computer Protocols Ecosystem.
The UAE has also become home to landmark blockchain events like Ripple Swell and Cardano Summit in November last year, underscoring the country’s status as a premier destination for global Blockchain discourse. TOKEN2049, a global conference series, had a premier blockchain event in Dubai in April this year with over 400 side events and over 20,000 attendees. The Dubai AI & Web3 Festival planned for September 11-12, 2024 will be another feather in the cap of the city, as it posed to attract top global thought leaders to discuss the future of the Web3 and AI industry.
Ralf Glabischnig, co-founder of the Crypto Oasis said: “The Crypto landscape in the UAE and Middle East region is the fastest growing ecosystem worldwide. The government is doing for Blockchain what Silicon Valley did for tech. This past year has been nothing short of phenomenal for the Crypto Oasis Ecosystem. The surge in companies and talent underscores the UAE’s commitment to fostering a vibrant blockchain and Web3 environment. We’re excited to witness the continued growth and innovative solutions emerging from this dynamic ecosystem.”
With a talented workforce and a commitment to innovation, the Crypto Oasis is poised to continue its exceptional progress. The Dubai FinTech Summit was a prime opportunity to witness the UAE’s flourishing Blockchain ecosystem firsthand and to present the growth numbers of the ecosystem.
About Crypto Oasis
The Crypto Oasis is the largest Web3 ecosystem in the world focused on the Middle East and Africa region and is supported by initiators of the Crypto Valley Switzerland. The core elements needed for its development are Talent, Capital, and Infrastructure. The Ecosystem’s stakeholders include Investors & Collectors, Start-Ups & Projects, Corporates, Education & Research Institutions, Service Providers, and Government Entities & Associations. Crypto Oasis is the leading Blockchain ecosystem in the world. Today it is the fastest growing, with more than 2,040 blockchain-related organizations in the UAE alone. www.Cryptooasis.ae
For more information contact:
Faisal Zaidi
Crypto Oasis
faisal@Cryptooasis.ae
+971552000840