The GCC cryptocurrency market is projected to grow at a CAGR of 53.85% during 2024-2032, according to a report by IMARC Group. The widespread adoption of cryptocurrencies in the GCC region is driven by increased recognition and acceptance as alternative assets, as well as the rise of cryptocurrencies like Bitcoin and Ethereum. The GCC region is actively embracing digital transformation, including the development of fintech ecosystems and the exploration of blockchain technology. Blockchain technology holds immense potential in the region for various use cases, such as supply chain management and smart contracts. GCC countries are seeking partnerships with blockchain projects and introducing regulations to provide a legal framework for cryptocurrency exchanges. The market is categorized by type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dashcoin), components (hardware, software), process (mining, transaction), and application (trading, remittance, payment, others). The GCC countries included in the market are Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman. [48537611]
The Biden Administration's proposed 30% tax on electricity use for digital asset mining operations is raising concerns among crypto miners in the United States. Miners are considering new locations for basing their cost-sensitive operations, with the Middle East region emerging as an option due to lower taxes, abundant energy, and less onerous environmental regulation. The Oman government has invested over $800 million in crypto-mining operations, and the UAE has 400 megawatts of Bitcoin mining, which is about 4% of the global Bitcoin mining hashrate. Migration to the Middle East could favor U.S miners. The looming taxation bump and reduced block rewards due to the recent Bitcoin halving are also influencing the choices of U.S.-based miners. If the new electricity tax bill for digital asset mining passes, U.S.-based miners will have to decide whether to stay in the U.S. market or find a new home. Some experts believe that the bill could hurt the U.S. economy and weaken its position in the crypto industry. However, others believe that the U.S. remains a hotbed for digital assets, including mining. CoinDesk, the source of the article, is a media outlet that covers the cryptocurrency industry.
Tether Operations Limited has invested $3 million in the Kem app to boost financial inclusion and USDâ‚® adoption in the Middle East. The integration of USDâ‚® on Kem's platform aims to enhance economic conditions in neighboring countries such as Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. The investment will facilitate easier access to USDâ‚® for residents of the Gulf Cooperation Council (GCC) countries. Tether continues to work towards a decentralized ecosystem and has been involved in various projects. Kem seeks to replicate the success of financial platforms offering cryptocurrencies in other markets to drive mass adoption and foster a more inclusive banking landscape in the Gulf region. [a06d304d]