Dubai Multi Commodities Centre announced that the value of cryptocurrency transactions recorded from the United Arab Emirates amounted to $25 billion in 2022.The report stated that all these figures depend on the path taken by regulatory bodies and their ability to balance innovation with consumer protection and fraud risk reduction.AdvertisementThe report is part of its "Future of Trade" series focusing on the Web 3 sector, which covers major growth drivers, innovation, and digital decentralization across various technological trends.The report titled "Digital Decentralization: Cryptocurrencies, DeFi, and the Metaverse" explores market forecasts and opportunities concerning Web 3 trends linked to blockchain-based digital infrastructure, including cryptocurrencies, decentralized finance, and the metaverse. It assesses recent challenges facing these sectors, projects how long it will take for these technologies to mature, and includes recommendations for the sector and regulatory bodies to enhance growth and accelerate development in the coming years.The metaverse market is expected to reach $3.4 trillion by 2027, driven by practical use cases and rapid advancements in artificial intelligence. Meanwhile, the global decentralized finance (DeFi) market is projected to grow from $13.6 billion in 2022 to $600 billion by 2032, fueled by increasing demand for affordable and low-fee financial services. Conversely, the cryptocurrency market is expected to stabilize after a period of volatility, especially following Bitcoin's strong comeback in 2023, highlighting the renewed sector and institutional interest in stable services capable of adding value.In this context, Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of Dubai Multi Commodities Centre, stated: "The latest edition of the Future of Trade report highlights the exceptional growth anticipated in the Web 3 sector, including cryptocurrencies, decentralized finance, artificial intelligence, and the metaverse."The global metaverse market is expected to exceed $3.4 trillion by 2027, particularly due to recent technological advancements in augmented reality and virtual reality, which open new opportunities in gaming, e-commerce, real estate, retail, education, and healthcare.Bilal Jisuma, Director of Business Systems at Dubai Multi Commodities Centre, added: "The Crypto Centre of Dubai Multi Commodities Centre contributes to securing a supportive business ecosystem, regarded as the best in the world for companies in this sector. The centre hosts over 600 companies that can benefit from specialized services and prominent partners. I believe the important insights and perspectives presented in the report will enhance the confidence of the companies within the centre and attract more businesses looking to expand their operations from Dubai."Read AlsoAsian Currency Surpasses the US Dollar in Cryptocurrency Trading in Q1Cryptocurrency Market Loses $430 Billion Due to Iranian AttackExpert: Cryptocurrency Market Cap Will Exceed $5 Trillion by the End of 2024