DeFi Technologies board member: Cryptocurrency will become the second largest industry in the UAE within five years

ChainCatcher news, according to Cointelegraph, Chase Ergen, a board member of the publicly listed digital asset investment company DeFi Technologies, stated that thanks to the regulatory policies and attractive business environment in the UAE, the cryptocurrency industry is expected to become the second largest industry in the UAE within the next five years.

In an interview with Cointelegraph, Ergen said, "The UAE has a reputation for leadership, legislation, and community building." He also predicted, "They sell oil, which is their main business. I believe that in the next five years, their second largest business will be the blockchain industry. This will start to become a part of the economy with double-digit growth." The UAE has a clear cryptocurrency regulatory framework, a community composed of key executives from the cryptocurrency industry, a debt-free economy that allows the government to invest surpluses in technology, low crime rates, favorable tax policies, and forward-looking leadership.