Binance, one of the world’s largest cryptocurrency exchanges, has set up shop in the Arab Emirates thanks to the popularity of Web3 technologies. In addition to Abu Dhabi, Dubai, and other parts of the Middle East, the firm has also operated under the regional laws.
The government of the United Arab Emirates has played a key role in the development of Web3 projects there. As a result, the country has become one of the world’s fastest-growing destinations for these projects.
According to a recent Web3 research report published by the Crypto Oasis Ecosystem, the UAE dominates the Web3 economy with more than 1,450 active Web3 organizations employing nearly 7,000 individuals.
According to the report, 65% of the 950 organisations (2556 projects) working on native blockchain projects (those exclusively based on the native decentralized technology) are currently active, whereas the other 35% or 500 projects are non-native blockchain projects (those not based on the native decentralized technology).
According to the report, Dubai Multi Commodities Centre (DMCC) has registered 460 native Blockchain organisations, more than 50% of all native organisations in Dubai.
Binance wants to increase Web3 usage in the Middle East region
The UAE government has been forward-thinking when it comes to blockchain technology and nascent markets associated with it, whether it be metaverse, nonfungible tokens (NFT), or Web3. A portion of the Future Blockchain Summit in Dubai is dedicated to fostering international business opportunities for Web3 innovators.
In July, the Dubai government announced a metaverse strategy with the goal of make it one of the world’s top 10 metaverse economies. By the end of September, the UAE Ministry of Economy had become one of the first governments to open a headquarter in the metaverse. The government doubled down on the plan by the end of September.
The Middle East’s cryptocurrency hot spot has also drawn some of the world’s foremost cryptocurrency organisations and platforms. Binance, a leading global cryptocurrency exchange, has established Middle Eastern operations in Abu Dhabi, Dubai, and other regions.