Saudi Arabia is outpacing the UAE in crypto adoption, even as the kingdom bans crypto assets and the Emirates vies to be a global hub.
While Riyadh’s regulators have not cracked down on investors, its young and tech-savvy population has embraced the token era, and is celebrating this week as Bitcoin surged past $90,000, up 34% since Donald Trump’s US presidential election victory.
Still, it may be the UAE that benefits most from a pro-crypto Trump administration. Clarity from US watchdogs on laws and regulations governing cryptocurrencies will unleash a new wave of investment activity, Sebastian Bea, president of Coinbase Asset Management, told Semafor.
The UAE — with its tax-free financial zones, institutional interest, and strong regulatory environment — is well-placed to be a top choice for investors seeking an alternative to the US, he said.
“The region really gets Bitcoin,” Bea said. “If you get commodities like they do, then you get Bitcoin.”
