- 33% of UAE residents said they are invested in cryptocurrencies.
- 18% said they trust cryptocurrencies, the survey said.
- This is after only a month of Dubai adopting new laws governing virtual assets.
After only a month of Dubai setting regulations to govern virtual assets, a survey shows that 33% of UAE residents are already invested in cryptocurrencies. In comparison, 30% of people have invested in this asset class globally.
Research shows that UAE residents are willing to allocate 29% of their investable assets to cryptocurrencies, compared to 20% globally. The survey was polled by the online market research company Toluna.
Researchers polled 500 people residing in the UAE, and 9,000 globally, while the targeted age category was between 18 and 64 years old. Also, 18% of the respondents said they trust cryptocurrencies.
Sakina Mannan, Toluna’s senior account director for the Middle East and Africa region, said in this matter.
Despite the relatively cautious attitude towards investing in cryptocurrencies, the overall outlook in the UAE shows investors tend to embrace the global trend towards this type of investment.
As per the study indications and the strategic business outlook in the country, it’s likely that we’ll be seeing growing interest towards cryptocurrencies in the UAE. Mannan added.
Meanwhile, the UAE has crossed milestones during the last couple of months, where the UAE government made sure to keep cryptocurrencies, NFTs, Metaverse, and web 3.0 in general on top of its future plans.
In March 2022, Dubai outlined its regulations to govern virtual assets. It also opened its doors to major crypto exchange companies such as Binance, the world’s largest crypto exchange, FTX, and Bybit. These companies are now allowed to operate or are already operating in the UAE.