Amidst crypto winter, Dubai stands out as global hub of virtual asset innovations

2022 was a brutal year for crypto. From the complete failure of FTX to the total collapse of Terra, the crypto market lost over $2 trillion last year. Top cryptocurrencies such as Bitcoin and Ethereum lost over 60% of their value, and consumer confidence in the sector fell drastically. 2022 marked the start of the second crypto winter.

And yet, despite a tumultuous period for the global cryptocurrency sector, with major digital currencies experiencing significant losses in 2022, Dubai has managed to position itself as a stronghold of crypto innovation and resilience.