UAE boasts the world's highest rate of public cryptocurrency adoption

UAE boasts the world's highest rate of public cryptocurrency adoption

Public adoption quantifies the extent of cryptocurrency awareness, interest, and involvement within the general populace.

According to the Henley & Partners' Crypto Wealth Report published on Tuesday, the UAE, along with Singapore, achieved the highest global ranking in public cryptocurrency adoption, with a score of 7.1 out of 10 on the Crypto Adoption Index. This index evaluates six critical factors, including public adoption, infrastructure adoption, innovation and technology, regulatory environment, economic factors, and tax-friendliness.

Public adoption assesses the degree of recognition, curiosity, and involvement with cryptocurrencies among the general public. This encompasses metrics like the proportion of cryptocurrency users compared to the overall population, Google search queries related to cryptocurrencies, and the count of educational institutions providing blockchain and cryptocurrency courses. Greater public adoption signifies a more accommodating atmosphere for cryptocurrencies.

On the whole, the report positioned the UAE in third place, following Singapore and Switzerland, with a total score of 50.2 out of 60. When rated on a scale of 10 points, the UAE received a perfect 10 for its tax-friendliness, 9.3 for innovation and technology, 8.9 for economic factors, 8.5 for the regulatory environment, 7.1 for public adoption, and 6.4 for infrastructure adoption.

Among the top 20 countries on the Crypto Adoption Index were Hong Kong, the USA, Australia, the UK, Canada, Malta, Malaysia, Thailand, the Netherlands, Italy, Antigua and Barbuda, Austria, New Zealand, Monaco, Portugal, Cyprus, and Mauritius.

According to Henley & Partners,

"The UAE stands out as a leading jurisdiction for crypto investors, with its strong public adoption score evidencing a vibrant interest in the crypto ecosystem. The Middle Eastern powerhouse also offers favorable tax policies and a high level of economic stability. In the UAE, the Financial Services Regulatory Authority of Abu Dhabi Global Market (FSRA-ADGM) was the first to provide rules and regulations regarding cryptocurrency purchasing and selling. The Emirates are generally very open to new technologies and have proposed zero taxes for crypto owners and businesses."

Crypto Wealthy Individuals

The Crypto Wealth Report by Henley & Partners, in collaboration with New World Wealth, which monitors the activities and spending patterns of more than 150,000 high-net-worth individuals, with a particular focus on those with over $10 million in investable assets.

In total, there are approximately 88,200 individuals globally who can be classified as crypto millionaires, along with 182 centi-millionaires and 22 billionaires.

Dr. Niklas J.R.M. Schmidt, a partner at the Austrian law firm Wolf Theiss, emphasized that crypto assets represent an exciting new asset category that millionaires and their family offices should pay attention to.

"Bitcoin and Ether combined account for approximately 65.2 percent of the market share. In comparison, the next three crypto assets hold market shares of 7.6 percent, 2.9 percent, and 2.5 percent, respectively. Hence, for many investors who are new to the crypto space, it might be sensible to initially limit their investments to Bitcoin and Ether, as they are by far the largest players,"

he suggested.

News Source: Khaleej Times

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