The data has come rather as a surprise to many crypto enthusiasts because the United Arab Emirates (UAE) which was not even in the list of the topmost countries ideal for digital token sales a year ago has reached the 1st position on CoinSchedule’s list of the world’s biggest contributors to crypto token sales so far in 2019.
UAE Outdoes America
Even more impressive is the fact that UAE has left behind the United States of America, which up until last year had been topping global token sales. Now, America has fallen to the 6th position on the list having raised only 4.48% of the total funds raised globally via token sales. The drop, according to experts, has come as a result of the regulatory changes recently introduced in America that have largely been unfavorable to ICOs.
Top 3 Players
Topping the list is UAE with $210.5 million raised followed by the Cayman Islands that have contributed $103.8 million and then comes Singapore with $89.7 million. UAE has mainly been attracted to two token sales; GCBIB and Bolton Coin, dealing in the development of banking products and real estate investments, respectively.
UAE’s Fascination with Crypto
This sudden surge of interest exhibited by the Gulf nation can be seen as a triumph for the UAE government which has been tirelessly striving to transform the kingdom-state into a crypto hub. As reported earlier, UAE has not only been hosting forums on crypto assets, fintech and blockchain aviation, but has also partnered with Saudi Arabia to launch a crypto-powered cross-border payment system, all of which highlight the government’s active involvement in the burgeoning crypto industry in the country.
Countries with Most Number of Token Sales
Coming to CoinSchedule’s list of topmost countries which hold the most number of token sales, it depicts a starkly different scenario. UAE does not even feature on the list, while Singapore tops this list with 12 token sales under its name. UK and USA follow it with nine and seven token sales, respectively.