Cryptocurrencies in Dubai : The UAE has recently adopted its first crypto asset regulation law which will be overseen and executed by Dubai’s Virtual Asset Regulatory Authority (VARA). While Dubai is already gaining traction as a crypto zone, those looking into investing in cryptocurrency may be wondering about the advantage of cryptocurrency and which ones to invest in.
The Benefits of Cryptocurrencies in Dubai
The Emirate is working towards positioning itself as a leader regarding cryptocurrency and the future of blockchain. Investing in the cryptocurrencies below means that you will be investing in the third-largest crypto market in the Middle East.
Some of the benefits of cryptocurrency, in general, are that it is anonymous, has no transaction fees, and its transaction is significantly faster than regular banking systems. In the UAE, cryptocurrency is quickly becoming a popular payment method which is evident by Bitcoin ATMs. Additionally, cryptocurrency is now accepted for those buying property in the UAE.
Top Cryptocurrencies to Invest In
For those interested in cryptocurrency, UAE residents, visitors, and tourists can benefit from investing in:
Often the first choice of anyone investing in cryptocurrency, Bitcoin continues to lead the market. Bitcoin (BTC) was created by Satoshi Nakamoto in 2009 and is known as the first successful currency based on a blockchain. To this day, Bitcoin remains the most valuable cryptocurrency despite the rise of various altcoins which makes it one of the best cryptocurrencies to invest in for those purchasing Bitcoin in Dubai.
Another popular choice is Ethereum (ETH) which is a blockchain platform as well as a cryptocurrency. Ethereum in UAE has great potential because its platform enables developers to implement Web 3.0 smart contracts which have made non-fungible tokens (NFTs), for example, possible.
Developed by Charlie Lee, a former engineer at Google, Litecoin (LTC) is an early altcoin (2011) that competed directly with Bitcoin (BTC.) Litecoins online are peer-to-peer, open-source, and known for their transaction speed.
For investors looking for a less volatile cryptocurrency, Tether (USDT) was one of the first “stablecoins.” Tether in UAE can be beneficial because this coin’s price is tied to the U.S. dollar which makes it easy for holders of this cryptocurrency to make purchases or conversions.
Designed to be an environmentally-friendly alternative, Cardano (ADA) is the first proof-of-stake (PoS) cryptocurrency that allows investors to stake coins and also create validation nodes of their own. Having Cardano in Dubai means that transaction times are decreased and less energy is required compared to Bitcoin.
Ripple is another payment network built on a blockchain where its native cryptocurrency token is XRP. This is another cryptocurrency that has a quicker confirmation time and requires less energy compared to Bitcoin. Ripple in UAE can be used to exchange other popular cryptocurrencies almost instantly which is what makes it a good investment.
Compared to other blockchains, Solana has lower fees and can process multiple transactions every second. Solana uses both the PoS and Proof-of-History (PoH) mechanisms for SOL, its native token, to power decentralized apps (DApps), decentralized finance (DeFi) applications, and smart contracts. Solana in Dubai is a great choice for those interested in scalable crypto apps.
Binance Coin (BNB)
Binance supports over 100 cryptocurrencies and is a major cryptocurrency exchange. The Binance Coin (BNB) powers exchange, withdrawal, and listing fees where users are offered a discount when the BNB token is used to pay for these fees. In terms of value, the native token of Binance in UAE is third and readily accepted by a majority of cryptocurrency exchanges.
Polkadot (DOT) is scalable and its network is quick but offers low fees which is why it is a top choice for investors. Investors of Polkadot in Dubai can stake DOT tokens and be rewarded for contributing to securing and maintaining its network.
Created and known for being a parody cryptocurrency, Dogecoin (DOGE) skyrocketed after the Shibu Inu meme went, DOGE’s inspiration, viral in 2021. Being a meme coin, DOGE’s price volatility is much higher which can mean drastic losses but also means potential significant gains. With Elon Musk driving its surge in popularity and value, Dogecoin in UAE can be a good investment to make.
If anything, the growing cryptocurrency exchange in UAE and the various cryptocurrencies bring the nation one step closer to becoming a crypto hub, and investing in this market this year can be beneficial as transactions are quick and secure.