Open Banking can be a game-changer for UAE’s crypto adoption

Open Banking can be a game-changer for UAE’s crypto adoption

Following the announcement from Dubai and Abu Dhabi’s regulatory authorities that govern digital belongings and cryptocurrencies, crypto gamers from throughout the globe have launched within the vibrant and fast-growing Center East crypto market.

This has made the Center East one of many quickest rising crypto markets on this planet, making up 7% of the worldwide buying and selling volumes, in keeping with Chainalysis. A latest survey has additionally proven that 33% of UAE residents say they’ve invested in crypto.

As well as, information from YouGov reveals that 67% of UAE shoppers have an curiosity in investing in crypto within the subsequent 5 years.

Nevertheless, the ecosystem might want to overcome a number of challenges earlier than it may possibly construct on the curiosity displayed by shoppers within the area.

Probably the most staggering hurdle that can should be addressed is the friction with on-ramping into the crypto ecosystem. Happily, “Open Banking” can scale back this stage of friction and subsequently improve the adoption of crypto.

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Source: Open Banking Can Be a Game-Changer for UAE’s Crypto Adoption -Breaking – Street Register