Dubai is on the way to becoming a global leading digital hub, with the latest announcement from the Dubai Media Office making the Dubai World Trade Center a designated crypto zone and a regulator for cryptocurrencies and other virtual assets. This initiative will help the Emirate create new economic sectors, develop outstanding standards regarding anti-money laundering, cross-border deal tracing, financial compliance, as well as fight the financing of terrorism. Moreover, Dubai aims at adopting new trends that depend on the latest blockchain technology, including non-fungible tokens (NFT).

Right after this groundbreaking news, the DWTC signed a preliminary cooperation deal with Binance, which is the world’s largest cryptocurrency exchange platform by trading volumes. This agreement will become a major driving force behind an international virtual asset ecosystem of the DWTC and the generation of long-term economic growth with the help of advanced digital innovations. Helal Saeed Al Marri, Director-General of the Dubai World Trade Center, said: “Innovation is a byword for Dubai and this ’Future Economy’ environment is designed to catalyze collaboration, stimulate innovation and most importantly assure protection. In line with Dubai’s vision for a fully digital and inclusive society, this world’s first specialist Authority is Dubai’s active response to the industry’s call for support – so that service providers, technology enablers and governments can co-create the next generation ecosystem for the global virtual asset economy. This move reflects Dubai’s advanced vision for a comprehensive and integrated digital society.”

It is worth mentioning that interest in blockchain and cryptocurrencies is growing in the UAE, as online payments are gaining pace. In fact, nowadays it is possible to acquire UAE real estate with cryptocurrency, among other major assets. According to the survey by Nickel Digital Asset Management, half of the surveyed institutional investors and wealth managers in the UAE plan to significantly increase their exposure to cryptocurrency assets between 2021 and 2023. In Dubai, there are over 1,000 cryptocurrency businesses expected to be operational by 2022, amidst the latest initiatives regarding the digital economy.