Sales in UAE amassed more than $210 million to take the crown from the market’s long-time leader, the US, which tumbled from first place in 2018 to seventh in recent months.
Monday 29, April 2019
(Bloomberg) – CoinSchedule said that the UAE has just emerged as the world’s capital for sales of digital tokens, accounting for more than a fourth of all funds raised in offerings this year through early April.
Last year, the UAE did not rank among the top 10 countries by funds raised in token sales.
Alex Buelau, the Chief Executive Officer of CoinSchedule, said, “We are seeing the continuation of the move away from the USA due to regulatory concerns.”
The US regulators have been cracking down on initial coin offerings (ICO) that they say should have been registered as securities.
Additionally, CoinSchedule said that Singapore is leading in the number of token sales this year, followed by the UK and the Cayman Islands.
The UAE’s jump in volume is tied to two big sales, GCBIB, which is developing banking and insurance products for cryptocurrency holders, raised $142 million and Bolton Coin, offering a way to invest crypto mining and real estate, raised $67 million.
In the Arabian Gulf, UAE has been at the forefront of adopting crypto, along with Saudi Arabia, in experimenting with virtual currency for banks.
Similarly, Abu Dhabi Global Market (ADGM) has been working on a regulatory framework for a crypto ecosystem that allows for ICOs.