UAE is a Leader in Token Sales

UAE is a Leader in Token Sales

According to CoinSchedule, more than 25% of funds raised since the beginning of 2019 – $ 210.5 million came from the United Arab Emirates (UAE), making them the world’s largest participant in the sale of cryptocurrency tokens.

Second place take Cayman Islands with a figure of $ 103.8 million, and Singapore is following with – $ 89.7 million.

Previously United States dominated the sales of tokens, and now they shifted to sixth place in terms of funds raised from January. American investors have invested $ 37.2 million in sales of tokens – one-fifth of the funds from the UAE.

The increased investment in cryptocurrency from the UAE came as a surprise, because in 2018 the state was not even among the top 10 countries in sales of digital tokens.

According to Bloomberg, the dominance of the UAE contributed to two major sales of tokens. The first is GCBIB, which develops banking products for cryptocurrency users, and the second is Bolton Coin, a real estate investment and cryptocurrency mining business.

The UAE aims to become a leading destination for the business associated with the blockchain technology, by developing new cryptocurrency laws. In January, the UAE and Saudi Arabia announced plans for cooperation in creating cryptocurrency to facilitate cross-border operations between the two countries.

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2019-05-02T12:48:08+00:00
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