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The UAE has 1,650 blockchain organisations and more than 8,300 people are employed in the sector, according to a report by a leading cryptocurrency firm.
Crypto Oasis, the fastest growing blockchain ecosystem in the world, has announced it passed its goal of identifying 1,500 organisations in the ecosystem by the end of 2022.
As of the end of 2022, there were more than 1,650 organisations and the ecosystem has been growing faster than previously anticipated.
UAE blockchain growth
The ecosystem has grown 13.8% growth as the UAE-based firm looks to continue its expansion in 2023.
It comes as regulators in the region welcome innovation and disruption, making it easier for blockchain-related companies to secure licences and operate.
At the forefront of this is the UAE’s Dubai Multi Commodities Centre, which is now home to more than 500 native blockchain organisations.
DMCC has the largest concentration of crypto and blockchain companies in the Middle East and North Africa (MENA) region.
Crypto Oasis added more than 200 new organisations in Q4 2022. Bringing in more than 1,300 new professionals to the burgeoning ecosystem.
It estimates there are now more than 8,300 people working in the sector.
This 19% growth in employment numbers can be attributed to the UAE’s developing reputation as a hub for blockchain enterprise.
78.2 percent of these individuals work in native blockchain organisations. These are organisations focused on blockchain and related decentralised technologies.
21.8 percent work for non-native companies – in other words companies, which offer blockchain related services or products but do not have blockchain as their primary focus.
Ralf Glabischnig, Founder of Crypto Oasis, stated, “We’re thrilled to have identified these new organisations in our ecosystem that are contributing to a diverse community of stakeholders.
“The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media. However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption.
“It’s an exciting and rapidly evolving field to watch and we’re eager to collaborate and learn from each other as we work to improve Web3 and decentralised technologies.”
The Crypto Oasis supports blockchain and Web3 organisations to access resources and expertise that can help them navigate the complex and rapidly evolving landscape.
In addition, joining the ecosystem gives them the opportunity to network with potential partners and customers, and to showcase their work to a wider audience.
“The UAE is the perfect amalgamation of talent and capital built on a world class infrastructure,” said Saqr Ereiqat, Co-Founder of Crypto Oasis.
“The Ministry of Economy (MoE) has become one of the first Government entities in the world to be active in the metaverse. In 2022 the MoE published its Digital Economy Strategy, which aims to double the contribution of digital economy from 9.7% to 19.4% in the next decade.
“The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda, D33, demonstrate UAE’s commitment in taking an active step to becoming the centre of digital economy globally.”
Pierre Samaties, Global Head of Crypto Economy and Web3 at Roland Berger, said: “The UAE is uniquely positioned to play a leading role in the global innovation economy.
“The growth of the Crypto Oasis Ecosystem will continue in the coming months as we can already witness how regulators in the region are welcoming innovation and disruption, making it simpler for Blockchain-related companies to secure licenses and operate.”
The Crypto Oasis Ecosystem is dedicated to building and strengthening the infrastructure for decentralised technologies in this region.
The ecosystem fosters collaboration and intends to pool resources and expertise to create a more robust and resilient environment to build, create and operate.
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