Recently released data put the United Arab Emirates (UAE) at the top on crypto token sales. The information by CoinSchedule covers the period between February 9 and April 30.
According to the data, more than 25% of the funds (about $210.5 million) raised since the beginning of this year come from the UAE region. The Cayman Islands came in second with $103.8 million, while Singapore fell in third place with $89.7 million.
The data displays a few changes in the token sales market. One significant change is the United States, which normally dominates the market falling to the sixth position. Since the beginning of this year, US investors have contributed about $37.2million to token sales.
These sudden changes could be attributed to the recent scrutiny in the US of Initial coin offerings (ICOs). Alex Buelau, the CEO of CoinSchedule, told Bloomberg, “We see the continuation of the move away from the USA due to regulatory concerns.”
Two big sales, one by GCBIB, and Bolton Coin played a big role in bringing UAE to the top. GCBIB is a developing banking and insurance products for cryptocurrency holders that raised $142 million while Bolton Coin, offering a way to invest crypto mining and real estate, raised $67 million.
Additionally, the UAE has been working to increase crypto adoption. Reportedly, the executive committee of the Saudi-Emirati Coordination Council, during its first meeting, announced seven initiatives, on digital currencies. One of the initiatives involves experimenting on digital currency for banks.
This cryptocurrency is expected to serve as a database accessible by the central banks in both countries. A few selected banks would participate in the project. This project is purportedly intended to protect consumers, provide guidance on the creation of standards, and evaluate the risks that come with the technology.
UAE, through its Abu Dhabi Global Market, are also working to create crypto regulations for its market. These regulations are intended in allowing ICOs in the crypto ecosystem.
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