U.A.E. takes global lead in token sales
The U.A.E. has caught up in digital token sales, overtaking the US
After lagging behind the top 10, the United Arab Emirates has taken a global lead as the world’s capital for sales of digital tokens. The U.A.E. now accounts for more than a fourth of all funds raised in offerings this year through early April, putting it ahead of the US.
The US lost its crown after the U.A.E. brought in more than $120 million in sales, dropping a staggering six places to seventh ranking, according to a report on the token market posted by CoinSchedule. The jump in volume is linked to two major sales: namely that from GCBIB, which is focusing on developing banking and insurance products for cryptocurrency holders and from Bolton Coin, which offers users a way to invest crypto mining and real estate. GCBIB raised $142 million while Bolton Coin garnered $67 million.
The top ten countries by amount raised in token sales in US dollars currently consists of the following, respectively: the U.A.E., Cayman Islands, Singapore, Hong Kong, UK, Estonia, US, Canada, Zimbabwe, and the Netherlands.
“We are seeing the continuation of the move away from the USA due to regulatory concerns,” Alex Buelau, chief executive officer of CoinSchedule, said. U.S. regulators have been cracking down on ICOs, saying that they say should’ve been registered as securities.
So far this year Singapore is currently leading the pack in the number token sales, closely followed by the UK and the Cayman Islands.
The U.A.E. has been at the forefront of adopting crypto, recent projects involve experimenting with a virtual currency for banks and on an initiative from Abu Dhabi Global Market, a financial hub created to help the U.A.E. diversify its economy, which has been working on a regulatory framework for a crypto ecosystem that allows for ICOs.