UAE names bitcoin as the foundation of the future financial system
In the United Arab Emirates, national security representative Mohammed Al-Shamsi stated that bitcoin already plays a systemic role in the country’s future financial architecture. This declaration highlights the UAE’s active integration of cryptocurrencies into its economy, promoting digital financial innovation.
Source Almasraf
The local digital assets market is estimated to be worth around $680 billion. About 30% of the population invest in bitcoin, and over 500,000 people trade cryptocurrencies daily. The UAE has fully abolished VAT, income tax, and capital gains tax on bitcoin transactions. Additionally, the country is developing partnerships with key industry players such as Tether, Circle, and Binance.
These measures indicate the UAE’s serious intention to become a leading hub for digital finance, potentially fostering further growth of the cryptocurrency market in the region.
