The UAE Has Become the Largest Jurisdiction in Terms of Funds Raised during Token Sales

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The United Arab Emirates has become the largest jurisdiction in terms of the funds raised through the sale of cryptocurrency tokens of funds this year, according to data from the CoinSchedule portal.

More than a quarter of the amount collected since the beginning of 2019 or $210.5 million fell to crypto startups in this particular region, although in 2018 it was not even in the top ten. The reason for the shift was that two large projects attributed to the UAE and began to attract funding last year: the investment bank GCBIB ($142.6 million) and the platform for luxury goods markets Bolton Coin ($67.8 million).

The second place was taken by the Cayman Islands with $103.8 million, the third – Singapore with $89.7 million. The dominant token sales in the industry earlier dropped to sixth place – projects from this country accounted for $37 million or 4.48% of the total.

“We are seeing the continuation of the move away from the USA due to regulatory concerns,” said CoinSchedule CEO Alex Buelau in a conversation with Bloomberg.

According to the number of campaigns conducted since the beginning of the year, statistics are different – Singapore dominates (12 token sales or 14.63%), followed by the United Kingdom and the United States with 9 and 7 token sales respectively.

Images credit: CoinShedule