With the international cryptocurrency market projected to attain a reach of around USD 1758.0 million by 2027. Crypto currency has allowed traders to transfer funds to each other, whilst cutting out the middleman. The need for a bank to become involved in the transaction becomes obsolete as traders conduct transfers via the universal currency. This makes the internet phenomenon a perfect substitute for traditional systems of conducting financial transactions. The UAE is seen as one of the most progressive countries in terms of crypto-trading. With the implementation of trading policies that allow for the regulation of crypto currency in the UAE. These regulations are overseen by the Dubai Financial Services Agency Financial Services Regulatory Authority and the Securities and Commodities Authority. The United Arab Emirates government has already put plans in motion to transform 50% of their transactions into the blockchain platform. The Central Bank of UAE had publicized that the UAE will launch its first digital currency by 2026 as part of its 2023-2026 strategy.
Ali Mansoor Bader, CEO and founder of Sky Investments is taking the reins when it comes to Bitcoin and FTM trading within the UAE. The cryptocurrency aficionado is a partner at Quantum FinTech Group and boasts over 8 years of experience in real-estate. Bader puts his focus on bringing about revolution in the crypto industry. Bader and his team had won the best Real-estate development, Marina Gate, in Dubai and attained the highest number of Sales in January /2021. He is an avid supporter of the Fantom project, where he trades amongst the ranks of other well-known names in the Crypto space who are also in support of the project. Bader, along with the likes of Elon Musk and his company Tesla, have taken the leap of investing significantly in Bitcoin. Tesla had disclosed that they had invested around USD1.5 billion in bitcoin and would be accepting the currency as a form of payment for their vehicles. “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin,” Musk has been quoted saying. “I think bitcoin is really on the verge of getting broad acceptance by conventional finance people.”
Real-estate and Crypto
The incorporation of cryptocurrency and real estate investments means that both sellers and investors can enjoy the speed of transactions as well as the safety of knowing that they are substantially minimizing the risk of fraudulent transactions. Which is why more and more brokers and developers are accepting cryptocurrency as a legitimate form of financial transaction within the UAE.
“I get a heavy amount of exposure to crypto currency, and many of my clients who buy real estate are from the crypto market” says Ali Bader, who focuses on providing management and brokerage services understands how important cryptocurrency is in today’s world.
Is Crypto the future of financial management?
Whilst it is almost impossible to guarantee the behavior of stocks, S&P500 and cryptocurrency alike, what is guaranteed is that cryptocurrency is becoming increasingly popular with both high stake and conservative investors. There was a time when investors had to have an expansive knowledge of the stock market in order to invest successfully making it less accessible to everyday folk. But with cryptocurrency, it is difficult to find someone that is a millennial or moderately financially savvy that has not invested or at least enquired further into it.
Citizens of the UAE have shown a measurable change in their consumer behaviors, with recent research showing a rapid increase in digital payments as well as a rise in the number of Fintech companies in the country. Research also showed that the majority of these Fintech companies concentrated on payment/e-wallet, blockchain and cryptocurrency.
Regularity pragmatism, tax incentives and the unparalleled safety that comes with crypto currency have helped to build Abu Dhabi Global Market’s solid foundation for the growth of cryptocurrency in the UAE. The ecosystem of the UAE is accounted for as an integral part of the country’s growth towards a digital lifestyle. With no signs of stopping or slowly down, it has become increasingly apparent that anyone who is anyone knows their way around the crypto market.