UAE Attracts $34 Billion Worth of Cryptocurrency Inflows in One Year

According to Chainalysis, investors transferred $34 billion in cryptocurrency to the UAE, which doesn't impose income tax, in the 12 months through June, an increase of nearly 42 percent from the same period last year, DL News reported.

Dubai, the largest city in the UAE, has an independent virtual asset regulator and has been the host of several global crypto conferences. Since 2021, more than 600 crypto companies have been registered in the Dubai Multi Commodities Center (DMCC) free zone.