CandleFocus UAE DeFi Transactions Surge 74%: A Young Nation Embraces Decentralization
2024-10-10
Author: Content Editor
The United Arab Emirates (UAE) has experienced a significant increase in the value of decentralized finance (DeFi) transactions, with a 74% rise compared to the previous year. The value of tokens sent through decentralized exchanges (DEX) also surged by 87%. The growth can be attributed to the country's young demographic, supportive regulatory framework, and the efforts of the Abu Dhabi Global Market (ADGM) and Dubai's Virtual Assets Regulatory Authority (VARA) in promoting decentralized finance. Additionally, the UAE has made crypto transactions and conversions VAT-free, further enhancing its position as a global hub for digital assets and blockchain innovation.
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