UAE has 1650 blockchain organizations – Business – Gold and Currency
The UAE has 1,650 blockchain organizations and more than 8,300 people are employed in the sector, according to a report by a leading cryptocurrency firm.
Crypto Oasis, the fastest growing blockchain ecosystem in the world, has announced that it passed its goal of identifying 1,500 organizations in the ecosystem by the end of 2022.
By the end of 2022, there were more than 1,650 organizations, and the ecosystem has grown faster than previously thought.
UAE blockchain growth
The ecosystem has increased with 13.8% growth as the UAE-based firm looks to continue its expansion in 2023.
It comes as regulators in the region welcome innovation and disruption, making it easier for blockchain-related companies to secure licenses and operate.
At the forefront of this is the UAE’s Dubai Multi Commodities Centre, which is now home to more than 500 native blockchain organizations.
DMCC has the largest concentration of crypto and blockchain companies in the Middle East and North Africa (MENA).
Crypto Oasis added more than 200 new organizations in Q4 2022. Bringing in more than 1,300 new professionals to the burgeoning ecosystem.
It estimates that there are now more than 8,300 people working in the sector.
This 19% growth in employment numbers can be attributed to the UAE’s developing reputation as a hub for blockchain businesses.
78.2 percent of these individuals work in native blockchain organizations. These are organizations with a focus on blockchain and related decentralized technologies.
21.8 percent work for non-native companies – in other words, companies that offer blockchain-related services or products, but do not have blockchain as their main focus.
Ralf Glabischnig, founder of Crypto Oasis, stated: “We are delighted to have identified these new organizations in our ecosystem that contribute to a diverse community of stakeholders.
“The possibilities for Web3 technology are enormous, from finance and supply chain management to gaming and social media. However, as it is a relatively new and emerging technology, its full potential has not yet been reached, and the industry faces 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 decentralized technologies.”
Crypto Oasis supports blockchain and Web3 organizations to access resources and expertise that can help them navigate the complex and rapidly evolving landscape.
In addition, joining the ecosystem gives them the opportunity to network with potential partners and clients, and showcase their work to a wider audience.
“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% to 19.4 % during the next decade.
“The commencement of regulators such as VARA and various industry events such as Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda, D33, demonstrate the UAE’s commitment to take an active step to become the center of digital economy globally.”
Pierre Samaties, Global Head of Crypto Economy and Web3 at Roland Berger, said: “The UAE is uniquely positioned to play a leading role in the global innovation economy.
“The growth of the Crypto Oasis Ecosystem will continue in the coming months as we can already see how regulators in the region welcome innovation and disruption, making it easier for Blockchain-related companies to secure licenses and operate.”
The Crypto Oasis Ecosystem is dedicated to building and strengthening the infrastructure for decentralized technologies in this region.
The ecosystem promotes collaboration and aims to pool resources and expertise to create a more robust and resilient environment to build, create and operate.
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