The UAE’s Crypto Adoption Could Take a Big Step Forward with Open Banking
In response to what Dubai and Abu Dhabi’s virtual asset and cryptocurrency regulatory authorities said, crypto firms from around the world have jumped into the Middle East’s fast-growing crypto market.
According to ChainAnalysis, the Middle East has become one of the fastest-growing crypto marketplaces in the world, accounting for 7% of worldwide trade volumes. According to a recent poll, 33% of UAE citizens have already made a cryptocurrency investment.
Furthermore, according to YouGov, 67% of UAE consumers are interested in investing in cryptocurrency over the next five years. A number of hurdles will need to be addressed in order to build on the enthusiasm shown by customers in this area.
The Benefits of Open Banking
Open banking protocols and industry-standard APIs will allow crypto investors to have a smooth experience. With this pairing, authentication would only need to be provided once throughout the crypto journey for customers.
Open Banking eliminates the need for conventional payment methods like bank transfers or credit cards. This procedure is often accompanied by a delay and increased costs for the user.
Next, customers will be able to meet their regulatory obligations more quickly and easily by using Open Banking APIs.
Finally, widespread acceptance of cryptocurrency will make payments even simpler. Cross-validating customer accounts will be a lot easier now that blockchain technology is behind it.