More individuals in the UAE now working in crypto, blockchain, metaverse: Report

Crypto Oasis has identified over 1,650 blockchain organisations in the country at the end of the last quarter of 2022.

More than 1,650 organisations are currently part of the UAE's blockchain ecosystem, surpassing the 1,500 forecast for 2022 and growing faster than anticipated, according to Crypto Oasis.

The industry has witnessed a sturdy 13.8 per cent growth, which could later translate to robust growth for the global blockchain ecosystem Crypto Oasis.

Regulators in the region have been welcoming innovation and disruption, making it easier for blockchain-related companies to secure licences and operate.

At the forefront of this is Dubai Multi Commodities Centre (DMCC), which is home to over 500 of these native blockchain organisations, representing the largest concentration of crypto and blockchain companies in the Middle East and North Africa region.

Crypto Oasis has added over 200 new organisations in Q4 2022 that have brought in over 1,300 new professionals to the burgeoning ecosystem, bringing the total number of individuals working in this industry to 8,300. This 19 per cent growth in employment numbers can be attributed to the UAE being a force to reckon with in the global blockchain landscape.

Some 78.2 percent of these individuals work in native blockchain organisations, while 21.8 per cent work for non-native companies.

Ralf Glabischnig, founder of Crypto Oasis, said:

"We're thrilled to have identified these new organisations in our ecosystem that are contributing to a diverse community of stakeholders. The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media.

"However, as it's a relatively new and emerging technology, its full potential hasn't been reached yet and the industry is facing challenges such as scalability, security, and user adoption. It's an exciting and rapidly evolving field to watch and we're eager to collaborate and learn from each other as we work to improve Web3 and decentralised technologies."

The Crypto Oasis supports blockchain and Web3 organisations to access resources and expertise that can help them navigate the complex and rapidly evolving landscape.

“The UAE is the perfect amalgamation of talent and capital built on a world-class infrastructure”

said Saqr Ereiqat, co-founder of Crypto Oasis.

“The Ministry of Economy (MoE) has become one of the first government entities in the world to be active in the metaverse. In 2022, the MoE published its Digital Economy Strategy which aims to double the contribution of the digital economy from 9.7 per cent to 19.4 per cent in the next decade. The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda ‘D33’, demonstrate UAE’s commitment to taking an active step to becoming the centre of the digital economy globally."

News Source: Khaleej Times