The United Arab Emirates (UAE) is widely-known for its technological advancement, especially in its use of digital assets and cryptocurrency. The Middle Eastern country is actively embracing digital assets. Additionally, the country has a crypto-active government, as the country’s government set up different crypto-regulatory bodies. Hence, residents in the UAE hold different crypto.
Best Cryptocurrencies for UAE Residents to Invest In
Below, we will look at the best cryptos you can invest in if you live in the UAE.
Bitcoin
Bitcoin is the first cryptocurrency to break out in the crypto world. Even with how old it is compared to other cryptos, it continues to be a strong choice for crypto investors in the UAE. This is because it acts as a store of value and is widely recognized by crypto enthusiasts/ institutional investors worldwide. Even with its price volatility, Bitcoin remains a foundational element of the crypto ecosystem.
Ethereum (ETH)
Ethereum came into the crypto world after Bitcoin. However, it is more than just a cryptocurrency. Ethereum doubles as a blockchain platform for making decentralized applications (dApps). Its native token, Ether (ETH), is used to pay transaction fees on the Ethereum network. Moreover, Ethereum’s versatility positions it as a top choice for investors seeking exposure to decentralized finance (DeFi).
Binance Coin (BNB)
Binance is one of the most used crypto exchanges worldwide. This exchange introduced Binance Coin (BNB) as its native coin. Since its inception, BNB gained significant traction among cryptocurrency investors in no time. BNB is a utility token users use for buying and selling goods and services. Crypto users who invest in BNB enjoy exclusive features on Binance. Also, they enjoy discounted trading fees.
Tether
Tether is a very popular stablecoins in the UAE. Investing in Tether allows holders to trade on numerous crypto exchanges. Tether is built on open blockchain technology. Tether offers top-notch security while simultaneously following international regulations and standards.
Final Words
The UAE government has made the crypto space very friendly for crypto users to easily invest in different digital assets. If you are in the UAE, some of the cryptocurrencies you should consider investing in include Bitcoin, Ethereum, BNB, Tether, etc.
Frequently Asked Questions
How Does Cryptocurrency Work?
Cryptocurrency operates on blockchain technology. Blockchain technology is an open and distributed ledger that records all transaction details in a coded format.
Is Cryptocurrency Legal in the UAE?
The Central Bank of UAE has not licensed cryptocurrencies or recognized them as legal tender. However, UAE residents can own, deposit, and trade cryptocurrencies.
Which Crypto Platform is the Best in the UAE?
The best crypto platforms in the UAE include Binance, CoinMENA, BitOasis, etc.
Can I use Binance in the UAE?
Yes, you can use Binance in the UAE.
Can I Invest in Cryptocurrency in the UAE?
Yes, you can invest in cryptos even if you are in the UAE.
What are the most Popular Crypto Wallets in the UAE?
Popular crypto wallets in the UAE are MetaMask, Trezor, ByBit, Coinbase Wallet, Binance Wallet, etc.
Can I Use Kucoin in the UAE?
Yes, you can use Kucoin in the UAE.
