Economy
Dubai Is the World’s Second Most Prepared City for Cryptocurrency
According to a recent study by Recap, a crypto tax software and portfolio tracking company, London is the top bitcoin hub worldwide as a result of its outstanding financial structure, while Dubai is a close second.
To be put in a competition with some of the most exciting metropolises makes coming to the top worthwhile. In the list of 20 cities, Dubai managed to outrun New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Lisbon, and a few more.
Thanks to Dubai’s forward-thinking attitude towards blockchain and cryptocurrency, the city has implemented a variety of regulations to allow cryptocurrency exchanges to operate within its boundaries.
This has enabled it to become the leading hub for cryptocurrency in the Middle East, offering a multitude of related opportunities such as informative seminars, conferences, and even Crypto online casinos. It is no surprise that a city known for its advanced technology, rapid growth, and cutting-edge infrastructure has become a major leader in the cryptocurrency industry.
What Makes Dubai a Crypto-Ready City?
The Recap team chose 200 cities across the globe and conducted an in-depth study of their cryptocurrency policies and other determining details. To ascertain whether the world’s most populous cities are crypto-prepared, the Recap study took into account eight critical factors. They include:
- Quality of life index
- Cryptocurrency-specific events
- People involved in the industry
- Businesses using cryptocurrencies
- Number of virtual currency
- Bank machines
- Tax rate
- Ownership in each region
Dubai has a very high index of quality of life and has adopted a zero per cent tax on cryptocurrencies which was one of the key factors that placed it as the second most crypto-ready city in the world. But there are other aspects that will continue to develop the city’s cryptocurrency infrastructure.
Dubai’s Vibrant Cryptocurrency Market
The general tech-savvy population, the thriving start-up scene, and the government’s progressive stance are some of the reasons why Dubai reached such a high score. With numerous regulatory initiatives aimed at cryptocurrency promotion and influencing the usage of blockchain technology in different sectors, Dubai has made significant progress.
The EmCash system has also been on the go for several years, thanks to the city’s economy department collaboration with the U.K.-based Object Tech Group, Ltd. and one of its subsidiaries, Emcredit Limited. The alliance brought under the aegis of the Dubai Economy Accelerators led to the creation of this brand-new “encrypted digital currency.”, significantly enhancing the bitcoin ecosystem.
Amongst the development of emCash currency and wallets in recent years, Dubai also founded the Virtual Assets Regulatory Authority (Vara). This body is in charge of issuing permits while trying to regulate the sector on Dubai’s mainland and in the other free zone territories.
What adds even more to this tech-savvy attitude toward a crypto lifestyle is the enthusiasm for bitcoin of Dubai’s population. According to a recent YouGov questionnaire, two-thirds of UAE adults were found to be interested in cryptocurrencies. This new devotion to crypto-culture is vividly seen nowadays due to a vast range of possibilities for Dubai residents. Namely, 772 crypto-based companies are at your disposal if you are among the bitcoin optimists who are looking for a new job in this field. Additionally, many significant cryptocurrency businesses have already established their presence in this region, such as crypto.com, Bybit, Binance, and Deribit, while others intend to do so in the near future.
This crypto-culture in Dubai is also seen in numerous other cryptocurrency events and conferences, from rooftop parties to seminars and courses held by local and/or visiting professional teams. Some of them are more casually organized in private social interactions, while others are simply networking meetups. For instance, the EcoX blockchain networking is one of the most popular events in Dubai, taking place at the Conrad Hotel in a speakeasy-style lounge.
Final Thoughts
In just a few decades, a small fishing town has miraculously transformed itself into one of the richest cities in the world. And if that wasn’t enough, Dubai has now been ranked by Recap, as the second most crypto-ready city, as a result of its forward-thinking approach to technology and innovation.
But Dubai’s rapid development has no sign of stopping. Thanks to its developing blockchain ecosystem and welcoming regulatory environment, the integration of EmCash currency and wallets, and the fast growth of crypto-based companies, Dubai entered into the major leagues worldwide.
The government keeps devoting an endless proportion of its time to investing in smart city projects and bitcoin initiatives with the aim of making Dubai “the happiest city on Earth”. Once the highest score is reached, Dubai will finally become the leading crypto-ready metropolis in the world.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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