The Banking Executive Magazine - October Issue 2022

Virtual Assets Market Growth and Adoption INTRODUCTION This article sheds lights on latest development in the global virtual asset market and focuses on key global statistics about virtual assets. The article overviews latest news about virtual assets market growth and how virtual assets will lead digital transformation of global finance and the potential benefits of digital assets on the domestic economy. Following this overview, the article lists various sources of data and considers key facts and global statistics about virtual assets. Key statistics considered include market capitalisation, market adoption, and top virtual assets to invest in. The article concludes with a future outlook and recommendation for authorities in Arab countries to establish local ministries for digital assets and economy in order to embrace the global market growth of digital assets. VIRTUAL ASSETS MARKET GROWTH According to IMF Financial Stability Report 2022 and CEO Brief by Kiri, Since the introduction of Bitcoin in 2009, the virtual asset market has grown rapidly due to abundant market liquidity, expansion of the blockchain ecosystem, and the introduction of stablecoins. Virtual assets can contribute to financial innovation and economic growth through enhancing the efficiency of the financial system and expanding the blockchain ecosystem. However, consumer protection and anti-money laundering are the main challenges facing virtual assets due to lack of transparency and regulation. The Covid-19 pandemic accelerated the BANKING EXECUTIVE 32 ISSUE 166 OCTOBER 2022 VIRTUAL ASSETS MARKET GROWTH AND ADOPTION BY DR SOHA MAAD