Crypto Takes Root in UAE: New Crypto Oasis Report Identifies 1,800+ Organizations in Booming Web3 Space
VARA's Regulatory Efforts Fuel Growth in UAE's Crypto, Blockchain, Metaverse, and Web3 Ecosystem, with Over 8,650 Professionals Contributing
With DMCC in the lead, the UAE’s crypto ecosystem continues to grow at an unprecedented rate, with over 1,800 organizations currently identified as of Q1 2023, according to the second edition of the Crypto Oasis Ecosystem Report.
The report, developed in collaboration with the DLT Science Foundation and Roland Berger, one of the leading management consultancies, offers a comprehensive summary of the UAE’s Blockchain evolution driven by Web3, cryptographic, and Blockchain technologies. Roland Berger also exclusively contributed with three thought leadership articles that are exclusively published in the report.
The report, which was launched during the Dubai FinTech Summit organized by the Dubai International Financial Centre (DIFC), highlights that more than 8,650 professionals currently work in organizations within the Crypto, Blockchain, Metaverse, and Web3 Ecosystem of the UAE, representing a 4.2 percent increase from Q4 2022.
The report is divided into six parts, including Governments & Associations, Startups & Projects, Investors & Collectors, Service Providers, Corporates, and Education & Research.
Native organizations account for 70.5 percent (1,276 organizations) of the total number, while non-native organizations account for 29.5 percent (532 organizations). During Q1 2023 alone, over 150 new organizations were identified, bringing in more than 350 new professionals to the thriving ecosystem. Approximately 72.8 percent (roughly 6,301) of these individuals work for native Blockchain organizations, while the remaining 27.2 percent (approximately 2,350) work for non-native companies.
As a matter of fact, Dubai has been experiencing an influx of companies that are being lured by VARA and its regulatory efforts. The regulatory body has gained a reputation for its strong and reliable regulations, which have attracted businesses from various sectors to the area.
Knowing that ADGM has also been performing exceptionally well in its regulatory role, this trend is a testament to the effectiveness of VARA’s regulatory approach, and indicates that companies are willing to invest in regulatory compliance in order to benefit from the stability and reliability that comes with it.
“The second edition of the Crypto Oasis Ecosystem Report is a valuable resource for anyone interested in the Web3 space and will be an essential tool for policymakers, investors, and entrepreneurs looking to navigate the rapidly evolving landscape of blockchain technology,” said Saqr Ereiqat, co-founder of Crypto Oasis. “The report is a result of comprehensive research undertaken by the Crypto Oasis Research team, which involved an in-depth analysis of the UAE Web3 Ecosystem.”
Paolo Tasca, co-Founder and chairman at the DLT Science Foundation, said “At the DLT Science Foundation, we are keen to reach out into and connect with the fastest growing Web3 Ecosystem in the world! This report provides a unique market analysis of the crypto and Web3 key players in the UAE. We are glad to have contributed to it.”
Pierre Samaties, Partner at Roland Berger Middle East and leading the Global Digital Assets, Web3 and Metaverse practice, said, “The growth of the UAE Digital Asset and Web3 ecosystem is very impressive. It is driven by forward looking regulation, a welcoming talent immigration environment and a remarkable appetite from government and institutions to adopt the many opportunities the technology brings”
The report also contains insightful thought leadership articles from major players in the industry, including , Circle, Citigroup, DIFC, DMCC, GenTwo, QORPO, Pulse World, Ripple, Securrency, State Street, Tokengate, Venom, Virtua and Yield App. Additionally, the report features a detailed regional analysis of the UAE by Blockchain data platform Chainalysis.
Suzana Obradovic, Regional Director Middle East and Africa at Chainalysis, said, “We are excited to bring our blockchain data insights to the Crypto Oasis Ecosystem Report. The launch of the report, already in its second edition, marks an important milestone in the growth of the Web3 ecosystem in the UAE. By building out comprehensive regulation and embracing future technologies, the UAE has made itself very attractive to Web3 enthusiasts looking to establish themselves in the region.”
