Crypto Oasis announced in a report during the Dubai Fintech Summit, that over 10,000 people now work in the Blockchain, crypto, metaverse and Web3 ecosystem in MENA. To be exact 10,600 employees currently work in the ecosystem which has attracted 2,040 companies to the UAE in total. In May 2023 in Crypto Oasis’s 2023 report, it had noted that there were 1.400 companies employing 8,650 employees.

According to Crypto Oasis active companies in the Blockchain, crypto, Web3 ecosystem surged by 13% year on year. In 2023 there were 1800 companies compared to 2,040 today.  Regulatory clarity drives crypto industry growth as major global names such as Binance, and OKX receive Virtual Asset Service Provider (VASP) licenses from VARA.

Crypto Oasis noted that there is a healthy mix of 71% native Blockchain organisations and 29% non-native companies contributing to the ecosystem.

Traders, brokers, and asset managers form a significant segment, accounting for 20.6%. Close behind, 19.9% are dedicated to technology and advisory services. NFT platforms represent 6.9%, while venture capitalists (VCs) make up 5.3%. The metaverse has a growing presence with 3.7%, and Web3 gaming initiatives account for 3.1%.

Additionally, tokenization platforms are carving out a niche, representing 1.5% of the Blockchain organizations in the country.

Binance, Fasset, Hex Trust, Komainu and OKX are among the global crypto service providers to receive the VASP (Virtual Asset Service Provider) license from VARA last year. Regulatory milestones include,  Aquanow, Bybit, and Deribit receiving preliminary licenses from VARA.

Ralf Glabischnig, co-founder of the Crypto Oasis said: “The Crypto landscape in the UAE and Middle East region is the fastest growing ecosystem worldwide. The government is doing for Blockchain what Silicon Valley did for tech. This past year has been nothing short of phenomenal for the Crypto Oasis Ecosystem. The surge in companies and talent underscores the UAE’s commitment to fostering a vibrant blockchain and Web3 environment. We’re excited to witness the continued growth and innovative solutions emerging from this dynamic ecosystem.”