Will Dubai emerge as the poster child of crypto innovation?

Sahana Kiran
Source – Unsplash

The world is on the highway to the crypto-verse. While some have been focusing on regulations, a few others have been making room for businesses. Even though the industry is in its early stages of adoption, several countries want to get at the forefront of the big crypto revolution. UAE and its cities, particularly Dubai, will surely emerge as a front runner. The issuance of licenses and its Bitcoin-friendly moves have put the town on the crypto map. Now, further elevating its interest in the industry, Dubai has welcomed Fintonia Group, a digital asset fund manager, into its city.

The Singapore-based firm Fintonia Group announced that it had secured a license from the Dubai Virtual Asset Regulatory Authority [VARA]. With this, the platform intends to accelerate its growth in the UAE.

Fintonia Group hopes to offer treasury as well as balance sheet management services. These services would be provided to crypto firms and protocols along with Bitcoin miners. Speaking about the same, the founder of the firm, Adrian Chng said,

“Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth, and we are very pleased to be part of this rapid growth.”

Furthermore, it should be noted that Finatonia Group intends to move towards Web3 companies located in the Middle East. Elaborating on this, Chng added,

“The virtual asset license marks an important milestone in our aspiration to have a presence in every region where there are innovative Web 3.0 and crypto companies.”

Dubai is already home to many prominent crypto exchanges, including Binance, Crypto.com, and FTX. The community speculates that several other platforms could soon be veering into the city.

Dubai crown prince doubles down on metaverse

It looks like the crypto and rather metaverse waves had reached the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum’s doorsteps. Earlier this week, he went on to announce the launch of the Dubai Metaverse Strategy. This platform aids 40,000 virtual jobs while bringing in $1 billion to the economy within five years.

Several governments across the globe have been prepping for the metaverse revolution. With Dubai setting up a whole platform, the region could be a leader in innovation.

The Dubai Metaverse Strategy hopes to focus on Web3 tech and formulate revised government work models. In addition, it aims to focus on the growth of tourism, education, retail, healthcare, and other industries.

As per Precedence Research, the global metaverse market is expected to grow to $1,607 billion by 2030. The platform suggests that the compound annual growth rate of the industry would be at 50.74 percent from 2022 to 2030.