Thanks to blossoming institutional involvements, the United Arab Emirates is set to ratchet up its already-prolific implementation of cryptocurrencies, according to Nigel Green.
Green, the founder and CEO of the international financial consultancy deVere Group, penned an essay in the Khaleej Times vouching for the merits of cryptocurrency and the UAE as a financial jurisdiction.
Green says the Dubai International Financial Centre (DIFC), the country’s independent “business ecosystem” governed by a common law framework, recently reached the milestone of registering more than 100 fintech firms.
“This figure shows a three-fold growth in registered fintech companies since the end of last year, representing a steep rise this year as leading regional and global fintech firms opt for the DIFC as their preferred jurisdiction from which to scale their business in this region.
This ongoing rise in trading activity within the cryptocurrency markets highlights heightened institutional participation. Indeed, the cryptocurrency sector is set for further significant expansion in Dubai and throughout the UAE, mainly due to extensive inflows of institutional investors.”
Green says the UAE has completed $210 million in crypto transactions, and he thinks there will be a lot more given the mounting sense that institutional investors are preparing to make serious inroads into the crypto industry before the end of the year.
“As well as having the crucial advantage of being borderless – thereby making cryptocurrencies ideally suited to business, trade and people – they are also a perfect match to the ever-growing levels of digitization around the world. What these latest figures show, and what we’re seeing more and more now in the UAE and globally, is the increasing acknowledgement that cryptocurrencies are the present and future of money.”
The deVere Group reportedly has more than $10 billion under advice from over 80,000 clients in more than 100 countries.