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Few states in the world have legalized cryptocurrency. The UAE, in particular Dubai, is making a lot of efforts to popularize digital assets among the society. Creating comfortable conditions for the development of cryptocurrency business in Dubai may soon make it the world capital of blockchain.
Official approval of cryptocurrency in the UAE
The Dubai government has passed a law legalizing virtual assets and created the regulatory body necessary to control the production and circulation of cryptocurrencies. The Prime Minister of Dubai said the emirate intends to work closely with digital asset companies and cryptocurrency service providers to ensure transparency and a secure environment for investors. The world’s largest exchange, Binance, has become the first to apply for a license in Dubai as a virtual asset service provider. After that, Binance announced the recruitment of more than 100 employees in the Persian Gulf, and the head of the company, Changpeng Zhao, moved to Dubai from Singapore.
Fashion for crypto in Dubai
The volume of the global cryptocurrency market is growing, so developed countries that do not want to miss opportunities adopt laws to support the crypto industry and create optimal conditions for the blockchain business. The UAE is one of the friendliest countries in relation to the crypt; the country creates comfortable conditions for companies developing the blockchain, so the cryptocurrency is becoming fashionable among the population. The UAE Central Bank announced the launch of its first virtual currency in summer of 2021, which should enter circulation by 2026.
You can make sure that the cryptocurrency is becoming more popular in Dubai and the UAE, using the example of the actions of large businesses. For example, DAMAC Properties, cited as one of the top luxury real estate developers in Dubai, plans to accept Bitcoin and Ethereum as payment. And the popular food delivery service YallaMarket offered to pay employees salaries in cryptocurrency.
The My Menu digital platform was launched in Dubai not so long ago. It allows restaurants and their customers to use cryptocurrency to pay bills. The platform cooperates with more than 3500 restaurants, 450 hotels in 70 countries of the world.
These are just a few examples of how cryptocurrencies are being popularized in Dubai. The level of confidence of the adult population of the UAE in digital currencies is one of the highest in the world according to the latest surveys, which means that there will be more examples every year.
NFT development in the Emirates
Dubai is gradually turning into the capital of innovative technologies, popularizing cryptocurrency and not only it. Particular attention is paid to the NFT. The state regulator of virtual assets is already controlling the issuance of non-fungible tokens, ensuring the protection of users’ personal data and the security of operations.
NFTs are not just bright pictures from the Internet, but a new digital currency that can bring high earnings to its owner. The Emirates understand this and invest in tokens actively. For example, one of the leaders in the Middle East air transportation market, Emirates Airline, announced the launch of the NFT collection and even plans to create its own metaverse, inspired by the experience of Meta Corporation.
Another interesting project created to develop and popularize digital assets in the Emirates was announced by the Unstoppable Domains platform together with Access Abu Dhabi. They plan to give away free cryptocurrency and unique tokens to all women in Abu Dhabi.
The organizers of the project say that in this way they want to accelerate the process of digitalization of society and increase the number of entrepreneurs who create businesses using blockchain technology.
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