Dubai is an emerging crypto hub and in recent times, there has been a significant upsurge in the users of the currency owing to its popularity in the entire United Arab Emirates (UAE).
Dubai holds a “unique position” as a “growing crypto hub.” The major reasons for the growth of crypto in the region are the government regulations for the safety of stakeholders which fosters the interest of the citizens and the astonishing investment opportunities.
The data from YouGov’s “The Future of Financial Services Report” summarises the high interest of UAE residents in this digital currency and also highlights the 67% of residents who are inclined towards investing in crypto in the upcoming five years.
Speculating the bright future of cryptocurrencies, Dubai established the Virtual Assets Regulatory Authority (VARA) to sketch the playground for a virtual asset sector, consolidating its position as a prominent crypto hub.
VARA was instituted under the provisions of Law Number 4 of 2022 and came into effect from 11th March 2022, intending to create an advanced legal framework to protect investors and govern the virtual asset industry.
Though the law still needs to be evaluated for its implication, this first step towards the development of cryptocurrencies is still a commendable step for a better future.
Dubai is further known for its vastly spread luxurious real estate market which is one of the most lucrative lands for property investment due to its exorbitant stability and potential, strong legal system to protect stakeholders, and spectacular progress trajectory which developed because it emerged as a major global centre for trade and tourism.
The Dubai real estate market has been able to open flood gates for investments by accepting payments through cryptocurrencies.
On one hand, where crypto investors want to convert their assets into much safer and reliable resources, on the other, Dubai wants to develop as a crypto hub in the near future and hence both complement each other to realize and achieve their goals as cryptocurrency transactions are even safer and quicker as they work on a blockchain and are protected because of their cryptographic structure.
This revolutionary step became possible only because of the enactment of the Dubai Virtual Asset Regulation Law (Law Number 4 of 2022) which would not only contribute to the development of greater trust among participants in this asset class but also develop and establish UAE and Dubai’s position as vital players in orienting the future of virtual assets globally.
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