The United Arab Emirates has bagged the second position in the world ranking for largest token sales up to June 2019.
According to the region’s Q1 revenue reports, the country managed to raise massive funds that accounted for more than a quarter of global funds raised in Q1. It lost out to British Virgin Islands, which ended up at rank 1.
This is an extremely important achievement for UAE, considering that last year, it did not even feature in the top 10. The UAE has been pushing out a lot of projects focusing on the growth of businesses in the region.
This monumental increase in token sales is a result of the various deals that the Government has entered into, in terms of fueling crypto and blockchain in the country. Two notable deals have specifically contributed to this growth. The first deal witnessed GCBIB raising $142 million in developing banking and insurance products for the UAE token economy, and second deal saw Bolton Coin’s STO raising $67 million by offering an opportunity to invest in various asset classes including real estate and crypto mining. These two deals have contributed significantly to the sudden growth in token sales.
Additionally, the government has launched the much anticipated Emirates Blockchain Strategy 2021, which aims at transferring 50 percent of government transactions onto a blockchain-based platform by 2021.
Parallelly, the Smart Dubai project has been doing wonders at driving the technological growth of the country, and is working towards making Dubai the world’s smartest and most technologically advanced city. To achieve that, they have also integrated blockchain technology in their department last year.
Leon Smith, founder, and CEO of DEX told a leading publication that:
“There are exciting times ahead for token sales or ICOs in the UAE. We foresee a bright future as investors from this region are early adopters and the UAE has been at the forefront of the crypto market.”
Any country that prioritizes the growth of technology and nurtures innovation, is bound to do well in terms of economy and satisfaction level of its citizens.