Cryptocurrency adoption in the UAE is expected to accelerate rapidly, with predictions that digital assets will surpass traditional currencies in daily use within two years, according to Mohammed Al Hakim, the newly appointed President of Crypto.com UAE.
He emphasized that, “In the next two years in the UAE, you will be able to do more with cryptocurrency than with the dirham and dollar,” highlighting the region’s shift towards a digital financial ecosystem.
Al Hakim, the first Emirati and GCC national to hold such a senior position in a global crypto exchange, signifies Crypto.com’s commitment to expanding its presence and promoting blockchain technologies in the UAE and Gulf Cooperation Council (GCC) nations. His role will involve collaborating with government entities, fintech firms, and regulatory bodies to drive digital transformation.
Recently Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on Wednesday, deepening ties between the world’s largest crypto exchange and the United Arab Emirates.
A recent eToro survey of 1,000 UAE residents also revealed that over half of the respondents identified financial goals as their primary New Year’s resolution for 2025, with 37% prioritizing increasing their crypto holdings.
Between July 2023 and June 2024, over $30 billion worth of crypto assets flowed into the country, marking a 42% year-on-year increase, according to Chainalysis. This surge underscores the strong embrace of digital assets within the local investment culture as tools for financial growth and security.
Shogun Lin
