UAE records $25b of crypto transactions

Inayat-ur-Rahman, Business Editor

Dubai Multi Commodities Centre (DMCC) released a special edition of its Future of Trade thought leadership report focused on Web3, examining the key drivers of growth, innovation and digital decentralisation in a number of technology trends.

The UAE known for adapting path breaking innovations has seen rapid growth in cryptocurrency activities in last couple of years.  It has attracted global players to set up their operations with its investor friendly policies.

As per the latest figures available the Digital Economy Strategy aims to double the contribution of the digital economy to the UAE’s gross domestic product (GDP) from 9.7 per cent in 2022 to 19.4 per cent within 10 years. It also seeks to enhance the position of the UAE as a hub for digital economy in the region and globally.

Hani Asfar, Chief Executive Officer, GCB Token, said, “GCB Token grabbed the attention of the crypto community since its contrary to all other crypto projects, GCB token ICO was launched after its main project GCB being operational GCB (gulfcb.io). This uncommon step gave high credibility and assurance of the token’s solid future. GCB encompasses 2000 shareholders from entrepreneurs, businessman and knowledgeable figures.”

Elaborating further about his new project Hani elaborated, “We recently launched GCB exchange platform, it is the first Arab digital banking system that combines both ecosystem: fiat and crypto with main goal of financial inclusion and to facilitate the digital world by making it easy and accessible for all. The team behind it consists of professionals and pioneers combined from both words: fintech and crypto. Team members are knowledgeable in fintech, business, block chain, Web3, AI and all new innovative emerging technologies.”