Gulf Arab States Poised to Lead Global Blockchain Industry

Asia Blockchain Review
July 22, 2019

Several countries across the Middle East, including Bahrain, the United Arab Emirates (UAE) and Saudi Arabia, have made enormous strides over the past years in establishing regulatory frameworks geared towards optimizing the utilization of cryptocurrencies.

As reported by Cointelegraph, the UAE is among the few nations in the world where the local government has placed special emphasis on promoting crypto use.

Mixed Messages on Crypto Causing U.S. Industry Uncertainty

During Q1 2019, UAE-based blockchain startups raised as much as US$210 million, putting the Gulf nation at the top of the world’s token sale list and outperforming countries such as the United States and the United Kingdom.

Notably, the U.S. has since slid down from the number one spot to rank sixth on the crypto funding list, owing mainly to the rather confusing stance adopted by American lawmakers towards the digital asset industry in general. 

Due to regulatory concerns, more companies are moving away from the U.S. and into more accommodating regions, such as the Cayman Islands or Singapore.

Established Crypto Entities Turn to the Middle East for Investment

The adoption of harsh measures towards local crypto markets in some countries, such as China and India, has also helped put the Middle East in a better position to lead crypto adoption in Asia.

Another recent development has been the trend of established crypto entities turning to the Middle East in order to acquire investments for their prospective projects. 

As the global crypto economy continues to take shape and evolve, it seems likely that established players will continue trying to tap into the Gulf market in pursuit of its massive monetary potential.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Embrace The Transformative Power Of Blockchain In Supply Chains
    In the ultra-competitive modern commercial world where time is at a premium and cost reduction is th...

    July 6, 2020

    Exclusive Interview With EMURGO Indonesia 
    ABR recently had a chat with the CEO of EMURGO Indonesia, Shunsuke Murasaki, on the traceability sol...

    July 2, 2020

    Blockchain Utopia: A Conclusion To Decentralized Governance
    We will explore the potential use of blockchain in bringing to life the concept of technological uto...

    June 30, 2020

    Karen New’s “Wish I Knew” : Unscripted
    ABR hosted a chat between DLF Holdings, Samuel Lay and a reputable serial technopreneur, Karen New o...

    June 23, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us