It looks like the United Arab Emirates are becoming a crypto force. According to a new report made by CoinSchedule, 25.4% of all Initial Coin Offerings (ICOs) and Security Token Offerings (STOs) sold this year came from the United Arab Emirates.
While the country was not even able to get into the Top 10 in 2018, the situation seems to be changing quite fast at the moment, since the country surpassed the current leader, the United States.
This year, part of the reason why so much money is going to the UAE is because of two major projects which hail from there. One of them is the GCBIB Bank, which had an investment of $142.6 million USD. The other one is Bolton Coin, with an investment of $67.8 million USD.
The United States has fallen a lot this year, mostly because the local regulation is not very friendly to ICOs and similar projects, so the country has lost some of its prominences in the field.
At the moment, the United Arab Emirates is first on the list with 25.4%, followed by the Cayman Islands (12.5%), Singapore (10.8%), Hong Kong (9.2%), the United Kingdom (8.6%), the United States (4.5%), Estonia (4%), the Republic of Korea (3.8%), Canada (2.7%), Zimbabwe (2%) and others with less than 2% account to the other 16.6% of the market.