Here’s How the UAE Web3 ecosystem is home to nearly 1.5K active organizations
Because of government initiatives, the United Arab Emirates (UAE) has emerged as one of the fastest-growing destinations for Web3 projects. A recent research report published by the Web3 platform Crypto Oasis Ecosystem highlighted the UAE’s dominance in the Web3 economy, identifying over 1,450 active Web3 organizations employing nearly 7,000 people. The report classified Web3-based blockchain projects into two types: native and non-native blockchain projects. Native blockchain projects are those that are built entirely on native decentralized technology. Currently, 950 organizations (65%) are working toward this goal, while 500 organizations (35% are non-native). According to the report, the Dubai Multi Commodities Centre has registered over 460 native organizations, accounting for more than half of all native blockchain organizations in Dubai.
The UAE government has been quite proactive in its adoption of blockchain technology and the associated nascent markets, such as the metaverse, nonfungible tokens (NFTs), and Web3. Another initiative that promotes global business opportunities for Web3 innovators is the ongoing Future Blockchain Summit in Dubai. In July, the Dubai government announced a metaverse strategy to make the city-state one of the top ten metaverse economies in the world. The initiative promoted Dubai’s goal of supporting over 40,000 virtual jobs by 2030. By the end of September, the UAE Ministry of Economy had doubled down on the plan, becoming one of the first governments to establish a presence in the metaverse.
The UAE’s emphasis on Web3 technology has also made the country a magnet for some of the world’s leading crypto platforms and businesses. Binance, a global cryptocurrency exchange, established a presence among Middle Eastern investors by operating various licensed operations in Abu Dhabi, Dubai, and other locations.
Binance, a blockchain exchange, has reported a 49% increase in user sign-ups in the Middle East and Northern Africa (MENA) region so far in 2022. According to the exchange, this growth reflects rising interest in virtual assets, which is being fueled by progressive government initiatives. This may allow regulated businesses to enter the market, raising awareness and driving adoption.
Binance has increased licensing and partnerships with regulated firms, as well as increased its team in the region, to scale its product in the MENA region. Binance has grown its team to over 400 employees in Dubai alone. The exchange hopes to collaborate closely with relevant officials in Dubai and the rest of the UAE to build a strong virtual asset infrastructure that protects the market and investors.