Transactions through digital currencies in Saudi Arabia nearly tripled between July 2021 and June 2022.
According to international media reports, more than five million dollars worth of cryptocurrencies were paid in the kingdom between July 2021 and June 2022.
Kim Grauer, one of the report’s researchers, told Al Arabiya that Saudi Arabia is a key crypto counterparty, tied with the United Arab Emirates in terms of enthusiasm for investing in cryptocurrencies.
In the same period, the UAE has received nearly four million dollars in cryptocurrency. A recently passed law in the UAE is making it easier and more attractive for people to work with digital currencies in Dubai and to protect investors using digital currencies.
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In March this year, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, established the regulatory body to make the UAE more attractive to people using virtual assets.
Sheikh Mohammed also announced that Dubai will set up a Virtual Asset Regulatory Authority that will work with the UAE Central Bank, making payments in cryptocurrencies easier and safer.
Due to the clarity of the regulatory regime in the UAE, the focus of international businesses has increased and people are moving capital and setting up businesses in the UAE.
