Crypto Oasis sees ecosystem grow to 2,040 active firms in Q1 2024

The UAE-based Web3 ecosystem Crypto Oasis revealed that it has seen a significant surge in the number of active companies in Q1.

Marking a notable 13.3 per cent year-on-year increase, the Web3 community now has 2,040 companies.

These numbers were shared during the recent Dubai FinTech Summit 2024.

Ralf Glabischnig, co-founder of the Crypto Oasis, expressed optimism about the future of the UAE blockchain ecosystem, stating, “The crypto landscape in the UAE and Middle East region is the fastest-growing ecosystem worldwide. This past year has been nothing short of phenomenal for the Crypto Oasis ecosystem.”

Several factors are boosting the Web3 industry, says Crypto Oasis

According to Glabischnig, several factors are enabling growth for the ecosystem and overall industry. These include:

A growing workforce: More than 10,600 individuals are now actively contributing to the blockchain space in the UAE. This influx of talent demonstrates the industry’s appeal and the UAE’s ability to attract skilled professionals from around the world.

Regulatory clarity: This development has played a pivotal role in driving the growth of the crypto industry in the UAE. Major global players such as Binance, Bybit, Crypto.com, and OKX have received virtual asset service provider (VASP) licenses from VARA, the Virtual Asset Regulatory Authority, further cementing the UAE’s reputation as a crypto-friendly jurisdiction.

A diverse community: Traders, brokers, asset managers, technology firms, and advisory services form a significant segment, showcasing the ecosystem’s breadth and depth.

UAE is emerging as a key industry hub

Moreover, the UAE has seen a surge in cryptocurrency adoption, with notable tokens such as XRP from Ripple gaining approval from the Dubai Financial Services Authority (DFSA).

The establishment of the Iota Ecosystem DLT Foundation in Abu Dhabi Global Markets has further solidified the UAE’s position as a global blockchain hub.

The UAE has also emerged as a premier destination for blockchain events, hosting landmark conferences like Ripple Swell and Cardano Summit.

The recent TOKEN2049 conference in Dubai attracted over 20,000 attendees, underscoring the country’s pivotal role in shaping global blockchain discourse.