The second edition of the Crypto Oasis Ecosystem Report reveals significant growth in the UAE's crypto ecosystem, spotlighting over 1,800 identified Web3 organisations as of Q1 2023. Presented during the Dubai Fintech Summit, the report is a collaborative endeavour between Crypto Oasis, the DLT Science Foundation, and Roland Berger, illustrating the UAE's blossoming blockchain evolution influenced by Web3, cryptographic, and blockchain technologies. It underscores the prevalent influence of crypto, blockchain, metaverse, and Web3 organisations within the UAE, playing a pivotal role in diversifying the crypto ecosystem.

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Key Highlights:

1. Organisational and Contributor Expansion:The report highlights over 1,800 Web3 organisations and more than 8,650 individuals contributing to the broader ecosystem. It documents a 4.2% surge in professionals since Q4 2022, introducing over 150 new organisations and 350 new professionals in Q1 2023 alone.
2. Domestic and International Involvement:Local organisations form a substantial 70.24% (1,270 organisations) of the total, while international entities contribute 29.76% (538 organisations). Approximately 72.8% of contributors are associated with domestic blockchain organisations.
3. Driving Factors:The commendable expansion of the UAE's digital asset and Web3 ecosystem is propelled by progressive regulation, conducive immigration policies for talent, and extensive support from government and institutions, paving the way for enhanced technological advancements.
4. Detailed Analysis:The report serves as a crucial resource for Web3 enthusiasts, policymakers, investors, and entrepreneurs, providing intricate market analysis of prominent players in the UAE’s crypto and Web3 sectors.
5. Insights from Industry Leaders:Incorporating valuable insights from major industry participants like Circle, Citigroup, Ripple, and State Street, the report enriches the comprehension of the regional crypto landscape and the potential of blockchain technology in the UAE.
6. Insightful Blockchain Data:Chainalysis contributes a meticulous regional blockchain data analysis, accentuating the strategic development of the Web3 ecosystem in the UAE and its comprehensive embrace of future technologies, rendering the region a prime destination for Web3 enthusiasts globally.
7. Alignment of Technology and Policy:The UAE’s harmonisation of innovative technologies with supportive policies and regulations has positioned it as a central hub for crypto and blockchain innovations, drawing international participation and establishing an environment conducive to technological progress and adoption.

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Conclusion:

The comprehensive report affirms the UAE's strategic advancement in the global crypto and Web3 ecosystems, reflecting the progressive innovations and developments shaping the nation's digital asset domain. The country’s integrative approach to technology and policy continues to elevate its standing as a distinguished centre for crypto and Web3 innovations.

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For more details and insights, please refer to the full article on Gulf Business.

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