The UAE supports digital currency and records $ 210 million in digital investments in 2019

According to reports published by Icobench, the UAE was the # 1 country in the ranking in terms of volume of funds raised by ICO operations. Where about $ 210 million was raised in the United Arab Emirates in January and February 2019 alone.

While Singapore and the UK continue to be the most countries in which ICO operations are on the market, the UAE has passed through the amount raised.

The United Arab Emirates achieved a stunning $ 142 million, representing 41% of the total amount raised by ICO operations worldwide in January 2019. The latter exceeded Estonia, which raised more than $ 64 million, Accounting for 19% of total funds raised in these operations around the world.

The total amount raised was more than $ 347 million, with the top five countries responsible for 63% of the funds.

The United Arab Emirates became the first country in this category due to the presence of one ICO company - Genesis Crypto Blockchain Investment - which raised more than $ 142 million. The objective of this project is to build a fully compliant bank that is fully compatible with the necessary regulatory framework and technological infrastructure.

More January report
The number of active ICO operations has been declining since the beginning of 2018 (with the exception of August and November, where there were a large number of ICO operations).

159 ICO operations were recorded in January 2019 compared with 162 recorded in December 2018. However, only 116 ICO projects ended in January, the lowest figure per year. The funds raised by these projects averaged $ 10.8 million.

Moreover, the number of ICO operations has decreased steadily since 2018. This is due to the market situation, with longer periods for digital currency projects to raise the required amount of funds.

The duration of ICO operations for January 2019 is 95 days. This figure rises by 137% as of January 2018, which recorded 40 days as the average duration of the ICO campaign.

Continuous attention from the United Arab Emirates
The interest of the UAE in the technology of plucin and digital currencies is increasing. Earlier this year, banks in the country announced an alliance with Saudi banks to launch a joint pilot digital currency initiative to facilitate cross-border payments.

Interestingly, the United Arab Emirates continued this momentum in February, prompting all other countries to raise funds. Bolton Coin ICO was responsible for raising over $ 67 million, representing 38% of total funds raised in February.

A total of $ 178 million has been collected worldwide, according to a February report by Icobench. The 2019 reports on ICO operations so far highlight the UAE as a potential haven where digital currency projects can thrive.