Dubai has established itself as one of the preferred destinations for crypto juggernauts, along with its sister center Abu Dhabi. This is evident by the arrival of Binance, Coinbase, Crypto.com, and a host of other leading crypto firms that have gravitated toward the region.
Not long ago, Binance CEO CZ praised the city’s global appeal and business-friendly atmosphere, both of which have aided in the exchange’s quick expansion. It has increased its workforce from a few employees to over 700 in Dubai alone in just one and a half years.
The most recent is OKX, which is also attempting to expand its local team in Dubai to 30 individuals. The region, in contrast to other nations, has a distinct license for crypto assets in addition to more conventional assets like stocks, futures, and bonds, says the firm, rather than treating cryptocurrencies like commodities or securities.
All these might have contributed to the region being counted among the top echelons of global financial centers, of the likes of New York, London, and Hong Kong.
In the latest survey undertaken by CoinDesk, Dubai and Abu Dhabi cemented top positions in the regulatory structure, the most heavily weighted criterion at 35% of the total score.
According to Al Kalooti, executive director of Binance MENA, Dubai, the USP of the United Arab Emirates is that “it offers a home for all those types of use cases.”
Dubai Targets 1000 Blockchain Firms By 2030
In fact, immediately after founding VARA, the government released its Metaverse Strategy, outlining its goal to construct “one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community.”
By 2030, the nation hopes to draw 1,000 blockchains and metaverse businesses and create 40,000 virtual employment.
That said, its geographical proximity to Northern Africa, Asia, and Europe, Dubai helps foster global networking and collaboration.
The region, however, fared poorly on the crypto adoption score [measuring 10%] despite its growth opportunities. These indicated that the country’s general populace is less knowledgeable about the technology compared to its residents.
It remains to be seen whether Dubai can overcome its low crypto adoption rate and fully harness the potential of cryptocurrency innovation.