Dubai’s desire for global crypto supremacy: Dream that is about to happen.
Dubai is eager to become a global tech hub, and crypto is its entrance ticket! Every entrepreneur, investor, and crypto influencer knows that Dubai is a place to be if you want to be a part of the top world community.
And why is Dubai a crypto heaven?
What magic ingredient has established Dubai at the top of the crypto scene?
Why are the world’s tech talents flocking to move to Dubai?
Low taxes? Ease of doing business? Geographic location? All together or something else?
All of this happens in a pinch when the cryptocurrency market does not give the impression of stability. Dubai has decided to bet on cryptocurrencies, and it looks like it’s going to pay off.
Cryptocurrencies are receiving a mixed reception around the world, and Dubai sees this as an opportunity and uses it as an advantage. While others are considering what stance to take, the UAE is making efforts to establish itself at the front and center of technology. UAE is taking a nationwide focus on innovation and its futuristic economic aspirations.
With the political will and newly announced regulatory clarity, Dubai is standing hard on global business and consumer interest in cryptocurrencies to continue.
- United Arab Emirates (UAE) national airline, Emirates, plans to accept payment in Bitcoin, and not just that – Emirates chief operating officer Adel Ahmed Al-Redha said that the airline plans on adding NFT collectibles on the company’s website for trading.
- Dubai has fully embraced the concept of the Metaverse, designing a digital twin city in a virtual world called One Human Reality.
- Also, grocery delivery service YallaMarket is accepting payments in crypto and has floated the idea of paying salaries in crypto.
Some would say that these are small things, but we would rather call them baby steps – just the first stage in a long and successful process.
Unlike Western regulators, the UAE has shown great commitment and flexibility in embracing the virtual economy and establishing regulations in early 2022.
They are overseeing, not curbing it
At the beginning of 2022, Dubai announced a regulatory framework for virtual assets. The new regulatory framework has been established to increase foreign investment, and at the same time, the UAE government’s support in this field is constant. And that is the essential recipe for making progress.
In May 2022, a regulatory body, Dubai’s Virtual Assets Regulation Authority (VARA), was created and its job is to oversee the development of the virtual asset business environment in terms of regulation, licensing, and governance. Vara was the first regulator to have a presence in the Metaverse with the establishment of its Metaverse headquarters.
Regulatory clarity and UAE’s greater focus on compliance are also one of the reasons why big crypto companies move to Dubai.
The biggest opponents of Dubai in the battle for the world crypto throne are Singapore and Great Britain. But following the relocation of major crypto offices from other countries to Dubai, Dubai seems to have an advantage. A herd mentality may be contributing to the growth of Dubai as a crypto hub, so the relocation of great crypto platforms certainly benefits Dubai.
The bottom line is that Dubai has taken the right step at the right time.
The government recognizes and supports the popular demand for crypto services and creates a pleasant environment and welcomes all those people from around the world who have the same aspirations. Let’s not forget all the enthusiastic, crypto-aware local talent for recruiters to tap into. It’s a win-win situation for everybody!
Come and join us at TMRW Dubai 2023!
The good news is that there are many crypto conferences in Dubai right now. But the bad news is – not all cover what matters to relayers in the crypto industry and you should also be careful and protect yourself from scams.
The TMRW Dubai 2023 is an educational conference, and unlike other conferences that present various scams and other projects, we focus on themes that matter most to our community and think long-term.
We’re here for you.