TechFlow news, on September 27, according to Cointelegraph, Chainalysis' latest report shows that from July 2023 to June 2024, the Middle East and North Africa (MENA) region accounted for 7.5% of global cryptocurrency transaction volume, totaling approximately $338.7 billion. Institutional and professional investors contributed 93% of the region's trading volume, while retail investors accounted for only 1.8%. The UAE is emerging as a global crypto hub, with regulatory clarity and a forward-looking approach serving as key drivers. In August 2024, Dubai courts ruled that cryptocurrencies are valid forms of wage payment. In September of the same year, the UAE allowed Dubai-licensed virtual asset providers to operate nationwide. Additionally, the UAE Central Bank approved a custodial insurance product to protect financial institutions and their clients from losses due to hacking, internal fraud, and damage to storage infrastructure.
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