The United Arab Emirates (UAE) has emerged as one of the fastest-growing destinations for Web3 projects, thanks to the initiatives taken by its government.
A recent research report published by the Web3 platform Crypto Oasis Ecosystem highlighted the dominance of the UAE in the Web3 economy as it identified more than 1,450 active Web3 organizations with nearly 7,000 individuals.
The report divided Web3-based projects into two categories: native and non-native blockchain projects. Native blockchain projects are those solely based on native decentralized technology. Currently, there are 950 organizations (65%) working toward this, while 500 organizations (35%) fall under the non-native category.
The report highlighted that the Dubai Multi Commodities Centre has registered more than 460 native organizations, which is more than 50% of all the native blockchain organizations in Dubai.
Related: Binance seeks to boost Web3 adoption in the MENA region
The UAE government has been quite...
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