Today's Edition
ALLAN JACOB (ABU DHABI)
The UAE is the undisputed leader in the Middle East and North Africa (MENA) region in crypto adoption and ranks fifth in the world according to a new report.
The World Crypto Rankings, released by Bybit and DL Research, said the UAE is the regional centre for “asset tokenisation pilots and settlement systems while it became the de facto bridge between Asia, Europe, and Africa in tokenised finance.
Singapore leads globally in crypto adoption, followed by the US, Lithuania and Switzerland. The report credited the UAE for its progressive and innovative policies that have driven “grassroots remittance-driven usage with one of the world’s highest user penetration rates”.
The UAE's strict anti-money laundering regulations have also come in for praise in the report.
“As a policy-first global tokenisation hub, the UAE offers clear AML (anti-money laundering guidelines) guidelines and legal frameworks for digital asset providers. It is also one of the most attractive destinations for talent and enterprises,” it said.
The UAE tops the region with a score of 6, with a user penetration of 0.84, which is among the highest globally. It combines retail engagement with policy-driven ambition, with special mention of Dubai’s Virtual Assets Regulatory Authority (VARA). "VARA has positioned the emirate as a magnet for
exchanges and talent.”
The rankings pointed out that the UAE’s adoption is mostly utility-driven, with remittances by expats making up a major share of activity. "Paired with progressive regulation and institutional interest, this grassroots demand gives the UAE a dual advantage rarely found in one market," it noted.
Michelle Daura, MENA Regional Manager of Bybit, said: "As one of the first exchanges establishing our headquarters here, being the first exchange to secure the Virtual Asset Platform Operator License from the SCA, as well as serving as advisor to our partners at DMCC, Bybit is committed to the region's growth as a global crypto hub."
Crypto adoption flourishes when infrastructure, regulatory frameworks, and institutional participation align, said the report.
The report also found that stablecoins are the most universal and evenly distributed category of digital assets, cutting across the usual economic divides between developed and emerging markets.
