Cryptocurrency is one of the fastest-growing forms of currency that we know of today. It is the money of the digital world that is fast making inroads into the mainstream economy. If you have not been living under a rock, you probably already know about it.
And why not? After all, the global cryptocurrency market is expected to grow from $1.49 billion in 2020 to $4.94 billion by 2030.That is a significant growth rate of 12.8 percent from 2021 to 2030. It is massive and worth taking notice of.
The world is looking to facilitate this sector and in the MENA region, Dubai is leading the way by example. Some recent developments hint at the inclination of the emirate to create an empowering ecosystem for the virtual currency and the corresponding stakeholders.
As part of the Dubai government’s attempts to develop new economic sectors, the Dubai World Trade Centre (DWTC) is on a path to becoming a hub and regulator for virtual assets and cryptocurrency-related things, including digital assets, goods, providers, and exchanges.
It has been announced that DWTC will soon be providing a conducive environment for this forward-thinking industry to flourish. The DWTC will work with the private sector and related stakeholders in Dubai to create an inviting landscape for organisations working in this field. It also seeks to enforce stringent criteria for institutional ownership, money laundering, financing of terrorism, and cross-border fraud.
The world-class regulatory framework of virtual asset legislative and enforcement policies being thus developed will be an important step towards enabling safe market adoption and growth for the virtual currency sector in the Emirate of Dubai. The fact that Binance is among the first crypto exchanges to join the new crypto hub makes it all the more relevant.
Earlier in May 2021, Dubai Multi Commodities Centre (DMCC) announced plans to set up a new space to house companies developing crypto and blockchain technology, on which cryptocurrencies work. The center sought to become an address for all types of crypto businesses, from those that develop blockchain-enabled trading platforms to companies that offer, issue, list, and trade crypto assets.
Not just that, Dubai and the UAE have been among the early adopters who have tapped into the potential of the blockchain technology that powers cryptocurrency. The Emirates Blockchain Strategy 2021, which was launched in April 2018, is currently working towards switching half of the government transactions onto a blockchain platform.
Overall, these steps are hinting towards the brighter future that lies ahead – not only for the stakeholders dealing in cryptocurrencies, but for the economy of the emirate on the whole. But how this further takes shape remains to be seen.
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