In 2022, the United Arab Emirates (UAE) reported $25 billion in cryptocurrency transactions. According to a published report, it is currently pursuing additional investment by implementing accommodating regulatory policies.
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The market potential and opportunities related to Web3 applications were investigated in a report by the Dubai Multi Commodities Centre (DMCC). These apps use blockchain technology to build the metaverse, Decentralized Finance (DeFi), and cryptocurrency-based digital infrastructure.
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Metaverse and DeFi Markets Set for Growth
The center projects that by 2027, the metaverse market will reach a valuation of $3.4 trillion. The rapid advancements in artificial intelligence and the possibility of developing strong use cases were cited as the reasons for this growth.
Furthermore, the Decentralized Finance (DeFi) market is expected to grow significantly, according to the DMCC, from $13.6 billion in 2022 to $600 billion by 2032. It is anticipated that the growing need for accessible and effective financial services will propel this expansion.
The cryptocurrency market appears to be ready for a stable phase after a period of volatility in the interim. The resurgence of Bitcoin in 2023 is a reliable sign of a renewed interest in durable and valuable crypto services among industry players and institutional circles.
The center did concede, though, that how these markets develop in the future will largely depend on the regulations that regulating bodies choose to implement. It will be essential to strike a careful balance between protecting consumers, promoting innovation, and reducing the likelihood of fraud.
DMCC Crypto Centre Reaches 600 Members Milestone
Dubai’s top free zone, the DMCC, entices startups with tax breaks and other benefits. It opened a special cryptocurrency hub at Jumeirah Lake Towers in 2021. This program was launched in tandem with a wave of cryptocurrency companies that were looking to capitalize on the United Arab Emirates’ ambitions to become a major global hub for cryptocurrency.
The primary objective of the DMCC Crypto Centre is to facilitate networking and collaboration among entrepreneurs operating in the cryptocurrency and blockchain industries by offering a shared workspace.
The crypto center added more members last year, reaching 600 total. Solana and Bybit are two of the noteworthy partners.
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