According to a study released on Monday, the United Arab Emirates (UAE) managed $25 billion in cryptocurrency transactions in 2022 and is working to draw in more capital with supportive legislative measures.
On Monday, the Dubai Multi Commodities Centre’s (DMCC) Future of Trade thought leadership study launched a special Web3-focused edition. The analysis examined the major forces behind innovation, growth, and digital decentralization across a range of technological trends.
The business prognosis and potential for Web3 trends built in a blockchain-based digital infrastructure, such as cryptocurrencies, decentralized finance (DeFi), and the metaverse, are examined in the report “Digital Decentralization: Crypto, DeFi, and the Metaverse.” The paper evaluates current issues facing these industries, projects a mature phase, and offers suggestions for how regulators and businesses may foster and expedite industry growth in the upcoming years.
By 2027, the market for the metaverse is expected to reach a valuation of $3.4 trillion, driven by proven applications and the swift progress of artificial intelligence. Driven by the need for quick and “feeless” financial services, the global DeFi market will expand from $13.6 billion in 2022 to $600 billion by 2032 ($600 billion). After a turbulent era, the cryptocurrency market looks to be stabilizing, and the resurgence of Bitcoin in 2023 has highlighted the industry’s and institutions’ increased need for long-lasting, value-added services.
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