With a crypto-readiness score of 6.2 out of 10, the UAE is tied for fourth place with three other countries: Georgia, Romania, and Croatia. Hong Kong, the United States, and Switzerland received scores of 8.6, 7.7, and 7.5, respectively among the top 19 most cryptocurrency-ready countries.
According to the study, the UAE is also third in the list of countries with the most blockchain startups and fourth in the list of countries with the most interest in cryptocurrencies. With 1.2 blockchain startups per 100,000 people, the UAE has some of the most forward-thinking entrepreneurs in financial technology.
JUST IN UAE: Rakbank first to let customers buy bitcoin in local currency.
RAKBANK and Kraken announced a partnership on July 18 that will allow UAE residents to trade digital assets with a local Emirati bank account and dirhams. According to a press release from the bank, the move will allow people in the Gulf state to avoid relying on foreign bank accounts and the associated foreign exchange costs.
RAKBANK is a Dubai-based online bank.
Kraken is a cryptocurrency exchange based in the United States. The bank did not say when the trading feature would be available.
Cryptocurrency is gaining popularity in the UAE and throughout the region. Kraken announced its relocation to Abu Dhabi in April, following similar moves by By bit and Crypto.com.
The UAE announced earlier this year that it intends to become a global crypto hub through an aggressive push into digital assets and related technology such as NFTs and the metaverse.
