The UAE attracted $34 billion in cryptocurrency inflows within a year

ChainCatcher news, according to DL News, data from Chainalysis shows that as of June, investors transferred $34 billion in cryptocurrency to the UAE, which does not levy income tax, within 12 months, an increase of nearly 42% compared to the same period last year.

Dubai is the largest city in the UAE, has an independent virtual assets regulatory authority, and has become the host of several global cryptocurrency conferences. Since 2021, more than 600 cryptocurrency companies have registered in the Dubai Multi Commodities Centre (DMCC) free zone.