The Bitcoin reservations of the United Arab Emirates (UAE) are 6333 BTC (more than $ 700 million), experts of the ARKHAM Intelligence analytical platform said.
According to experts, the Bitcoin reserve of the UAE were formed thanks to Citadel mining operations. It is a public company, which is under the control of the Royal Group, which is part of the Arab investment holding International Holding Company (IHC).
The UAE occupies fourth place among the largest government holders of bitcoins. Unlike the United States and the UK, whose accumulations of the first cryptocurrency come from the exemptions by law enforcement agencies, the UAE reserves come directly from mining through Citadel Mining, analysts explained.
Earlier, the Dubai financial services department (DFSA) approved the creation of the fund of tokenized assets of the Cash market of the QCD Money Market Fund (QCDT). The fund was created by Qatar National Bank (QNB) and DMZ Finance.
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Source: Cryptocurrency
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