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### Cryptocurrency Industry in the Middle East and North Africa
The CEO of the Middle East and North Africa region recommends that the cryptocurrency industry should focus on practical utility as interest in asset tokenization increases. He emphasizes that tokenized assets must clearly demonstrate benefits to have real daily value. Some current projects may be tokenizing unnecessary assets, but there are also projects that provide significant daily value to users.
### Momentum from Clear Regulations
The increase in real asset tokenization projects in the Middle East, especially in the United Arab Emirates, is driven by clear regulations. These regulations help organizations and exchanges determine how to operate in the cryptocurrency space. Governments have participated in real estate tokenization projects, collaborating with regulatory agencies to establish legal frameworks.
### Progress in Stablecoin Regulations
The region has made significant progress in stablecoin regulations, with the Central Bank approving a legal framework for licensing and monitoring payment currencies linked to the dirham. This creates confidence for organizations investing in cryptocurrencies and stablecoins.
### Support from Large Institutions
Large institutions such as Abu Dhabi's sovereign wealth fund and major banks have collaborated to deploy a dirham-linked stablecoin, awaiting regulatory approval. This demonstrates the commitment to developing cryptocurrencies in the region.
Clear regulations and the involvement of regulatory agencies have been and continue to drive cryptocurrency development in this region, offering significant opportunities for investors.
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