The Economist: The emirate is ranked first in the Middle East and 18th globally in adopting digital technologies

Dubai cements its position as a global hub for digital assets

• Dubai seeks to provide the best possible business environment that allows international financial companies to conduct their business in an evolving and conducive environment.

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Dubai is witnessing great momentum in creating a sophisticated legislative and regulatory environment to attract global virtual asset trading platforms and cryptocurrency companies, in conjunction with the continuous growth of the digital economy and “Blockchain” technologies, at a time when the emirate mobilizes its advanced capabilities and modern infrastructure, in order to devise strategic solutions, To ensure a comprehensive and sustainable growth of the digital business community in the emirate, through the application of policies and regulations friendly to currencies and digital assets, and laying the foundations of a legislative and technical structure that keeps pace with the global development in this field, in light of Dubai’s constant endeavor to provide the best possible work environment that allows international financial companies to conduct their business In a conducive developed atmosphere, upgrading the level of innovation.

world leader

Dubai has become among the world's leading cities in adopting and adapting modern technologies, with many modern business sectors at the fore, such as financial technology and e-commerce.

According to the Digital Cities Index for 2022 issued by the "Economist", Dubai ranked first in the Middle East, and 18th globally in the adoption of digital technologies.

According to the same index, Dubai came among the top 10 cities in the world in the field of digital finance, which confirms Dubai's global leadership in the field of modern infrastructure, and regulations that enhance its capabilities and capabilities in order to double the number of companies using "blockchain" technologies, and expand the scope of Cryptocurrency and digital asset platforms.

The great progress in Dubai’s advanced legislative and infrastructure infrastructure is in line with its success over the past few years in adopting smart technological solutions such as “Blockchain”, adopting a strategy aimed at raising the efficiency of government services, and “digitizing” the economic sector. Blockchain is in achieving the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into a city fully managed by the “Blockchain” platform.

The "Blockchain" strategy helps to establish a new wave of economic opportunities and digital innovation for all sectors, in addition to enhancing Dubai's reputation as a world leader in the field of technology and smart economy that supports entrepreneurship and global competitiveness.

high commission

Based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, a Higher Committee was formed headed by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, to specialize in future technology and the digital economy. To chart the future of artificial intelligence, develop plans to invest in the world of "Metaverse", and build partnerships aimed at strengthening the digital economy of the Emirate of Dubai, as this step has strong indications of the extent of the leadership's attention to this vital file.

international standards

The Dubai Virtual Asset Regulatory Authority has provided exemplary global standards that will provide an advanced platform to attract the most prominent global future economy companies to Dubai.

The establishment of the authority comes as an important step towards regulating the global virtual assets scene, which is witnessing unprecedented expansion and growth.

Dubai seeks to become one of the largest global economies to adopt the technology of "Metaverse", and also seeks to be a global leader in adopting digital solutions with the aim of increasing the number of "Blockchain" companies by five times.

Among the most prominent global players in this promising sector, who move to Dubai to conduct their business and obtain licenses to operate in the emirate, are well-established international companies and institutions in this field, such as: “Binance”, “FTX”, “Crypto.com”, “Coinbase” ”, and “Pebyte”, in addition to major traditional finance companies, such as: “Galaxy Digital”, “Comino” and “Previn Howard”, as well as a large number of cryptocurrency and virtual asset service providers such as: “Bit Oasis” and “Beebyte”. Queen Mina.

«Dubai Metaverse»

The launch of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum of the "Dubai Metaverse Strategy", came to support this strong trend towards consolidating Dubai's position among the top 10 cities in the leading economies in the field of "Metaverse", and making it a major center for the global "Metaverse" community. Doubling the number of “Blockchain” companies five times compared to the current number, and enhancing Dubai’s success in attracting 1,000 companies working in the “Blockchain” and “Metaverse” fields, with the goal of creating 40,000 virtual jobs by 2030, and increasing the sector’s contribution to Dubai’s economy to four. billions of dollars.

«Dubai Forum»

The announcement of His Highness the Crown Prince of Dubai to organize the “Dubai Metaverse Forum” in Dubai on September 28 and 29, 2022, with the participation of more than 300 participants from global experts, decision and policy makers, and more than 40 international institutions specialized in this sector, is an important addition, confirming Dubai’s progress in the ranks This promising field, at a time when global estimates indicate the record growth potential of the metaverse sector to range between $10 trillion and $30 trillion within 15 years.

Dubai is working in accordance with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, to establish 1,000 digital companies in Dubai over the next five years, support Dubai's digital economy and projects based on employing future technology, and develop new future economic sectors.

«Dubai Neighborhood Fund for the Future»

In the same context, last November, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and Chairman of the Higher Committee for the Development of Capital Markets and Exchanges in Dubai, announced the launch of the “Dubai Future District Fund” worth one billion dirhams. In its first phase, with the aim of supporting entrepreneurs and emerging companies in the field of technology, and encouraging them to later list in the Dubai financial markets and stock exchanges, as the fund will help stimulate and attract total investments for the emerging companies sector, ranging between 1.5 billion dirhams and four billion dirhams.

Dubai, the financial and pivotal hub in the region, towards consolidating its position as a major global center for the digital economy, is based on a world-class infrastructure, legislative environment, and advanced regulations for companies and platforms of cryptocurrency and other virtual assets.

Dubai is working in accordance with the vision and directives of Mohammed bin Rashid to establish 1,000 digital companies over the next five years.

The launch of the “Dubai Future District Fund” with a value of one billion dirhams, in its first phase, to support entrepreneurs and start-ups in the field of technology.

«Binance» .. great confidence in the mechanism for regulating virtual assets in Dubai

Dubai’s success in implementing friendly policies and regulations was reinforced by the signing of the “Binance” platform, the largest cryptocurrency exchange in the world in terms of trading volume, of a cooperation agreement with the Dubai World Trade Center Authority, with the aim of benefiting from the global platform’s expertise in the field of digital currencies and crypto assets in the world. In support of Dubai World Trade’s efforts to establish the best innovative system in the field of digital assets in the world.

It is noteworthy that the volume of digital trading on the Binance platform amounts to about $80 billion, while the number of users of the platform around the world is about 28 million users, at a time when the volume of cryptocurrency trading last year 2021 on the platform amounted to about $7.7 trillion.

This step was followed by Binance’s announcement last March that it had obtained a license from the Dubai Virtual Assets Regulatory Authority, to establish and operate virtual asset trading services for investors.

In addition to its operations in the field of virtual asset trading, Binance will establish a center for “blockchain technologies” at the Dubai World Trade Center, to support new talent and develop a vital ecosystem in this field in the emirate.

The choice of Binance to conduct its business through the Dubai Virtual Assets Regulatory Authority reflects the great confidence in the regulatory mechanism specialized in virtual assets in Dubai, which is subject to a comprehensive set of laws and policies applied globally in this vital and promising sector.

While Dubai intends to continue developing this innovative system, to attract more major international companies in this sector, which represents a motive to stimulate the future digital economy and encourage innovation, through the operating model provided by Dubai globally.

The priority is to protect investors.. and economic opportunities without borders and in a safe manner

Helal Saeed Al Marri, Director General of the Dubai World Trade Center Authority, said: “Virtual assets are transforming the world of finance and are expected to be the main driver of the global economy in the future. Virtual reality, as a confirmation and consolidation of Dubai's credibility in possessing the promising potential of this sector."

He added: "The Authority's regulatory framework aims to stimulate cooperation and prioritize investor protection, and our mission is to provide an advanced regulatory framework that allows for the provision of unlimited and secure economic opportunities through the global virtual asset industry."

Al Marri stressed that this global system and model work regulations in Dubai reflect its permanent approach to adopting innovative trends and technologies in various sectors, thus consolidating the integrated and advanced system of the virtual assets sector, and contributing to strengthening Dubai’s position as a leading global center in this vital future sector, and achieving economic growth. Long term through digital innovation.

«Dubai Commodities»: 400 companies and platforms «Osoul»

“Digital assets are playing an increasingly important role in the center’s endeavor to enhance the volume of trade through Dubai,” said Ahmed bin Sulayem, CEO and CEO of DMCC.

He added, "The DMCC has so far attracted more than 400 companies and platforms within the total assets and virtual currency companies in the UAE, with a percentage exceeding one third of the total number of companies," noting that the DMCC's "Crypto" Center provides a comprehensive system to facilitate Develop and adopt encryption and blockchain technologies.

He continued, "In addition to facilitating access to capital, talent, resources and opportunities, the Crypto Center is also working closely with the Government of Dubai to ensure the availability of a strong operating environment to consolidate Dubai's position as a pivotal global center for the business of Crypto."

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Dubai, the multi-commodity hub in Jumeirah Lakes Towers. Archive

Dubai's leading role in the digital economic scene has grown, and its ability to meet the growing demand in this sector by linking investors with consumers, and strengthening its position as a vital global center linking all relevant parties, which provided an attractive investment climate for financial technology companies and developers of financial market infrastructure.

The DMCC witnessed a rise in the number of companies operating in the field of cryptocurrency and “Blockchain”, as these companies accounted for 14% of the total 1,469 new companies that joined the center in the first half of 2022.

In order to enhance Dubai’s role in this advanced digital sector, the Dubai Virtual Asset Regulatory Authority announced last month that it had entered the world of “Metaverse” by establishing its headquarters in the virtual world, and called it “The Sandbox”, as part of the authority’s efforts to consolidate its presence in the world. Virtualization "Metaverse", enabling components of this sector to access their services in their digital technical environment, in addition to facilitating cooperation between global virtual asset service providers.

This step reflects the confidence of the Dubai government that virtual assets are an integral part of the future digital economy, and confirms its willingness to consolidate the emirate's position as the capital of virtual assets in the world.

In an indication of the expansion of digital asset transactions at the societal level, the Al Jalila Foundation, which supports medical innovation, announced the start of receiving charitable donations in encrypted digital currencies, in partnership with one of the leading cryptocurrency platforms in this field.

This comes at a time when digital currencies are becoming more acceptable in Dubai for buying real estate, as Nakheel and DAMAC have announced their acceptance of cryptocurrency payments.

Regulations involving transparency and economic security

The Virtual Assets Regulation Law..a new legislative era

The first law to regulate virtual assets in Dubai, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in March 2022, marked the start of a new legislative era aimed at providing the necessary systems to protect investors and dealers in this sector, in When the law included the establishment of the Dubai Virtual Asset Regulatory Authority, in order to enhance Dubai’s international competitiveness, develop its digital economy, develop investment awareness in the virtual asset services and products sector, encourage innovations in this sector, as well as contribute to attracting investments and operating companies. In the field of virtual assets to make the emirate a center for its business.

The Dubai Virtual Asset Regulatory Law provides protection for investors through regulations that include transparency and economic security, supported by technologies and solutions that provide security and protection for transaction records through exemplary standards that are fully committed to combating money laundering operations, providing a safe and rapidly growing global business environment.

FTX, Huobi, and Crypto

Dubai has issued a license to the global heavyweight European digital platform FTX, while international companies such as “Krypto.com” are working to establish offices in Dubai, taking advantage of Dubai’s ambitious plans to stimulate investment in the digital economic sector.

In turn, the global platform "Huobi Group" specialized in trading currencies and digital assets, recently announced its plans to establish a regional headquarters in Dubai.

Global players and partnerships

The regulatory framework of the Dubai Virtual Assets Regulatory Authority is based on strong and advanced technical expertise in relation to “Block Chain” technology, in order to ensure the availability of governance and security.

This is done through cooperation with the world's most famous players such as: Chainalysis, Elliptic, Inchain and Confirm.

Financial services companies, such as Ventonia Group, OKX, and the digital brokerage company GCEX, recently announced the launch of their business in Dubai.

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