High crypto adoption rate drives UAE’s digital economy
Trust in cryptocurrencies was higher in the UAE than in any of the other 17 markets covered in the report, with two-thirds of UAE residents interested in investing in or trading crypto over the next five years.
India's decision to tax earnings from cryptocurrency at 30% is expected to encourage at least some Indian exchanges to follow in the footsteps of Polygon and shift some or all of their operations to the UAE. "The UAE is taking a notably different approach to many jurisdictions by clearly signalling to the global crypto industry that it is the place to operate out of," says Bill Hughes, director of global regulatory matters at blockchain software technology company ConsenSys.
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