PANews reported on August 17 that according to Cointelegraph, Chase Ergen, a board member of listed digital asset investment company DeFi Technologies, said that thanks to the UAE's regulatory policies and attractive business environment, the cryptocurrency industry is expected to become its second largest industry in the next five years.

“The UAE has a great reputation for leadership, legislation, and community building,” Ergen said in an interview. He also predicted: “The UAE’s main business is oil sales. I think the blockchain industry will become the second largest business in the UAE in the next five years. It will start to be an integral part of the UAE’s double-digit economic growth.” Ergen added that the UAE has a clear cryptocurrency regulatory framework, a community of key cryptocurrency industry executives, a debt-free economy that allows the government to invest surplus in technology, a low crime rate, a favorable tax policy, and forward-looking leadership.