Bhutan has accumulated around 13,000 Bitcoin since launching state-backed mining operations in 2019, primarily fueled by hydroelectric energy.

The OCC has granted conditional approvals to several crypto firms since December, including BitGo, Ripple, Paxos, and Crypto.com, while others such as Zerohash have filed applications.

It’s estimated that roughly 1,800 crypto companies operate in the United Arab Emirates, employing more than 8,600 people in various roles.

If the CLARITY Act fails to pass, Giancarlo said he expects Paul Atkins at the SEC and Mike Selig at the CFTC will likely write rules to create clarity for the industry.