The UAE (United Arab Emirates) has become one of the most popular destinations in the world for cryptocurrency and web3-related businesses. The government’s crypto-friendly approach has seen ample success in attracting new-age businesses and entrepreneurs.
A new report by Crypto Oasis Ecosystem further solidifies UAE’s dominance in the web3 front. According to the report, the UAE houses over 1,450 active Web3 organizations. The report segregated the projects into native and non-native. Native projects are those which are based on native blockchain technologies. As per the report, 65% (950) of the projects are native, while the remaining 35% (500) are non-native.
The report makes special mention of the Dubai Multi Commodities Centre (DMCC). The DMCC has registered over 460 native organizations, accounting for more than 50% of the total.
Crypto Oasis Ecosystem states in its report,
“To maintain this growth and successful environment, the Government of the UAE plans to future-proof the economy and is currently encouraging local and government enterprises go digital by providing supportive regulations.”
Dubai 3.0: the crypto hub of the future?
According to the report, the foundation of DIFC (Dubai International Financial Centre) as a regional financial hub and a dedication to creating a financial economy were hallmarks of Dubai 1.0. In Dubai 2.0, the services market significantly expanded, and market dynamics and laws became more complex. The subject of Dubai 3.0 is the present digital transformation, which includes crypto and web3.
Apart from being Dubai’s third generation of financial innovation, crypto is also Dubai 3.0’s primary tenet. The DIFC and the government of Dubai will further scale the crypto market by introducing new initiatives, the report noted. These initiatives would include a better understanding of the technology, attracting crypto talent, and creating new ventures.
The report further highlighted that, due to its strategic location in the center of vibrant, developing emerging markets and its audacious digital vision, Dubai is the perfect global hub for the revolution of both finance and technology.
To become one of the top 10 metaverse economies in the world, the Dubai government unveiled a metaverse strategy in July. By 2030, Dubai wants to support more than 40,000 virtual employees, according to the project. The UAE Ministry of Economy is also one of the first governments to establish a headquarters in the metaverse.
The crypto markets are currently facing the wrath of global inflation and rising costs. However, this trend should be over sooner, rather than later. And the UAE is preparing for that very moment. When the markets do climb back up, the UAE will be in a prime position to conduct business and show dominance in a digital world.