How The UAE is Transforming Into a Major Crypto Hub

The UAE is quickly becoming one of the most advanced economies in the world, fueled especially by its oil reserves. As major global MNCs set up their offices in the Gulf nation eyeing an immense business potential here, the UAE is also on its way to becoming a leading crypto hub with progressive crypto policies and an influx of crypto companies in the past few years.

All in for the crypto revolution

In September 2021, the UAE Securities and Commissions Authority signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to support crypto assets trading amongst other new policies. This included setting up a special zone at the Dubai World Trade Centre for companies dealing with digital assets to seamlessly offer their products and services to customers. The DWTCA will also play the role of a regulator to keep watch over possible terror financing, prevent money laundering and enhance investor protection.

Putting Dubai and Abu Dhabi on the crypto map

Dubai, the most populous city in the UAE and its commercial empire, is on its way to enabling over 1,000 crypto businesses to be operational by 2022. Dubai is not alone. Abu Dhabi Global Market, an international finance hub and free-trade zone, issued its first crypto exchange license to Matrix, in May 2020. By November last year, 3 major crypto exchanges headquartered in Abu Dhabi were fully operational while another 3 were soon to be launched.

Dubai will soon set up a crypto licensing and regulatory authority. On March 9th 2022, Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum issued the Dubai Virtual Asset Regulation Law that aims at setting international standards for cryptocurrency in Dubai. He also tweeted saying "The future belongs to whoever designs it. Today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector". He further added that "this independent authority will be tasked with overseeing the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance and in line with local and global financial systems".

NFTs get a stamp of approval

To celebrate the Emirate’s 50th National Day, the Emirates Postal Group launched NFT stamps on December 2nd last year. There were a total of 4 stamps following a national theme and were sold as physical collectibles. Buyers could activate the NFT stamps by simply scanning the QR code on the physical stamps. Emirates Postal Group CEO Abdulla Mohammed said that there were plans of launching more NFTs in the near future.

Mega crypto player Binance has signed an MoU with the DWTCA to share their experiences with the country’s regulatory bodies and the exchange may also soon set up its headquarters in the Emirates. This is great news for the UAE as it comes at a time when blockchain technology is moving beyond just cryptocurrency, and blowing up into non-fungible tokens, the metaverse, and NFT gaming, amongst many other applications and use cases.

Crypto Expo Dubai 2022 is finally here!

One of the most awaited events in the UAE this year, the Crypto Expo Dubai 2022 will soon be hosted on 16 and 17 March 2022 at the Festival Arena in the city of Dubai. Over 10,000 traders, investors, and crypto industry experts are expected to attend the Crypto Expo Dubai, where more than 100 crypto companies are going to be present.

Besides offering an opportunity for investors to understand unique ways of investment in the rapidly-growing crypto market, the expo will also host industry experts discussing the future of cryptocurrency and how it has the potential to revolutionize several sectors from banking to entertainment to healthcare. The event presents an opportunity for investors and crypto industry leaders to network, and explore untapped business opportunities in the crypto world.

Who are the speakers at the event?

1. Some of the esteemed speakers at the event include
2. Bill Spata - CEO,
3. DevTeamSix,
4. Sofya Monse - CEO & Co-Founder,
5. Piccolo Inu,
6. Maksym Krupyshev - CEO, CoinsPaid amongst many others.

Aldar Rabdanov - CEO of Digital Asset Management and Founder of iCryptoWorld is also a much-in-demand speaker at the expo and you can catch him talking about the iCW Token and how crypto has the potential to change the world.

iCryptoWorld is a Diamond Sponsor at the Crypto Expo and you can find iCW at Booth Number 3 at the event.