The Middle East and North Africa had the fastest growing crypto market in the world last year, according to blockchain data platform Chainalysis, with crypto transfers into the region rising by 48 per cent to US$566 billion in the year to June.
The use of crypto for remittances and savings, as well as increasingly permissive regulations are helping to drive growth in the region, it added.
The UAE plans to make Dubai the first city fully powered, and has developed laws and regulatory systems around digital assets as it pushes to become a hub for the crypto idustry.
Antti Arponen, CEO of Dubai-based fintech firm Pyypl, said 5 million people had downloaded the app since its launch in 2017.
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