ChainCatcher news, according to Cointelegraph, Chase Ergen, a board member of the listed digital asset investment company DeFi Technologies, stated that thanks to the regulatory policies and attractive business environment in the UAE, the cryptocurrency industry is expected to become the second largest industry in the UAE within the next five years.
Ergen stated in an interview with Cointelegraph: "The UAE is renowned for its leadership, legislation, and community building." He also predicted: "They sell oil, which is their main business. I believe that in the next five years, their second largest business will be the blockchain industry. This will start to become a part of the economy with double-digit growth." The UAE has a clear cryptocurrency regulatory framework, a community comprised of key executives from the cryptocurrency industry, a debt-free economy that allows the government to invest surpluses into technology, a low crime rate, favorable tax policies, and forward-looking leadership.