In a bid to become a pioneer in blockchain technology, the UAE has launched the UAE Blockchain Strategy 2021, pursuant to which 50% of government transactions will be conducted using blockchain technology by 2021. To solidify its vision, regulations on the use of crypto assets, including cryptocurrencies, have recently been issued.
The country is already favoured by many in the web3 community. In December last year, the Dubai Media Office said that the Dubai World Trade Centre would officially become a crypto zone, from where all companies operating cryptocurrencies and virtual assets can operate. At the time, a statement from the city's media office said it would establish "rigorous standards" for investor protection and prevent money laundering.
UAE poised to be a Global Hub for cryptocurrency as Marketing Capitalisation hits $1.4 trillion up 86% year-to-date.
Dubai announced a regulatory framework for virtual assets and a new regulatory body, Dubai's Virtual Assets Regulation Authority (VARA), was created as the first regulator to have a presence in the metaverse.
Dubai World Trade Centre Authority is now a comprehensive zone and regulator of cryptocurrencies, products, operators and exchange The initiative comes in line with Dubai's growing efforts to support virtual asset adoption, fairness, equal opportunity, and transparency in the UAE's virtual assets sector.
Following the vision of the Dubai Blockchain Strategy 2020, Smart Dubai has delivered on its promise of building a thriving Blockchain ecosystem in the city and establishing Dubai as the world capital of Blockchain development.
The Strategy led to the launch of numerous use cases, a joint Blockchain Platform, and the Dubai Blockchain Policy. Government and the private sector entities are working on 24 Blockchain use cases. The use cases span eight sectors, namely, finance, education, real estate, tourism, commerce, health.
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In little more than a decade, the DIFC has established itself as the premier financial free zone in a region that offers infinite possibilities for future opportunities and growth. By offering outstanding advantages such as security of contracts, independent courts, 100 percent ownership and other free zone benefits, the Centre has established a reputation as a world-class environment for businesses and investors. The next decade will see the implementation of an ambitious strategy to consolidate the DIFC's and Dubai's position as a pivotal hub in global finance.
Dubai Blockchain Center was inaugurated by His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE and Ruler of Dubai on the 15th of May 2018. The centre aims to bring together blockchain thought leaders, developers, investors, and educators.
It has become increasing clear that crypto and blockchain technology have an enormous potential to advance global trade. Dubai has recognized this potential and DMCC crypto centre will fully support our mandate to attract and promote through the emirates. With Dmcc Crypto centre providing a progressive and supportive regulatory environment, a strong pool of industry talent, and an ecosystem that provides access to capital, resources and opportunity to crypto firms, we are perfectly placed to support crypto businesses from across the world.