DeFi Services See 74% Increase
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DeFi transactions in the UAE soared by 74% in total value received compared to last year, per Chainalysis. ADGM and VARA are leading blockchain regulatory advancements in the UAE. Crypto transactions in the UAE are now VAT-free, boosting investment interest. The United Arab Emirates (UAE) saw a 74% jump in the total value of DeFi transactions compared to last year, according to Chainalysis. Token value sent through DEX surged by 87%, rising from $6 billion to $11.3 billion. This shows its strength as a growing leader in the global crypto and blockchain space. In their October 9th podcast, Chainalysis CMO Ian Andrews talked about the impressive rise of DeFi services in the UAE. The region has higher DeFi adoption than the global average, with 32.4% of crypto transactions happening through DEXs. Why Young Investors In UAE Are Driving a DeFi Revolution This impressive growth is mainly because of a young demographic (63% of its citizens are under 30 years old), the supportive approach of the Abu Dhabi Global Market (ADGM) towards decentralization, and Dubai’s specialized regulatory framework for virtual assets. This demographic is important because younger generations tend to be more open to experimenting with new financial technologies. On the other hand, UAE’s ADGM, a leading international financial center, has been key to the region’s plan for decentralized finance. Dmitry Fedotov, a well-known figure in the industry, discussed how ADGM’s framework supports blockchain foundations, DAOs), and Web3 entities, creating a business-friendly and compliant environment for companies in these sectors. Read also : UAE Makes Crypto VAT-Free, Strengthening Hub Ambitions On top of that, Dubai’s Virtual Assets Regulatory Authority (VARA), the world’s first specialized regulator for virtual assets, plays a key role in licensing and authorizing virtual asset activities in the region. Together, ADGM and VARA are making the UAE a…
Filed under: News - @ October 10, 2024 7:26 pm