The UAE seeks to become the capital of the world blockchain

• Published 2 Year Ago
• DHS Blog

The United Arab Emirates, one of the top economies in the Western region of Asia, intends to introduce digital currencies and blockchain technology for trade exchanges. Today, the use of digital currencies by countries is also common, and news indicates that various governments around the world have allowed the use of these currencies. In this article, we will explain more about the economic policy of the UAE. A policy that can be very useful for the economic development of the UAE.

Blockchain in the UAE government
The United Arab Emirates intends to become one of the destinations of blockchain businesses. Experts predict that the UAE is one of the best countries that use digital currencies. The United Arab Emirates has a great opportunity to take the lead in the ICO technology, which could be a region for token-based startups.

The United Arab Emirates may become the flagship of the digital currency industry. To achieve a sustainable future in the digital currency industry, UAE must focus on nurturing its local developers and investors. United Arab Emirates Commodity Exchange will develop a platform for the exchange of ICO tokens in cooperation with the Abu Dhabi Stock Exchange and the Dubai Financial Market.

Emirates Blockchain Strategy
UAE is also simultaneously developing several projects related to blockchain and digital currencies in all states in this country. UAE plans to develop a digital currency for interstate exchanges with the participation of its neighbor, Saudi Arabia. The major digital currency exchange, FTX, has announced that it will receive the necessary permits in Dubai and set up a regional headquarters in the city. FTX is an active division in Europe and is the host of the Dubai World Trade Capital.The UAE is the third-largest digital currency market in the Middle Eastern.

Dubai has recently become an important capital for digital currencies for investors and developers. The plan aims to consolidate the position of the UAE and Dubai as key players in designing the future of digital assets. Binance, the largest digital currency exchange in terms of trading volume, is seeking a license to operate in Dubai. Under the new rules, the Dubai Virtual Assets Regulatory Authority (VARA) will issue licenses and monitor the performance and management of digital currency platforms, maintain and transmit them, and monitor price manipulation. Investor data protection is also under the supervision of this organization.

Gain confidence of global investors
The Dubai Virtual Asset Authority, in coordination with the UAE Central Bank and the Securities and Exchange Commission, will provide a variety of VA (Virtual Asset) services. This is not the first time such news has been heard from the UAE. Recently, Binance started its official activity in this country. What is remarkable is the UAE's view of cryptocurrency.

Dubai has taken important steps in becoming a world leader in accepting the global blockchain. The UAE, which launched the Smart Dubai project last year, plans to be the first city to make full use of DLT.
Last year, Dubai's oldest private bank used blockchain technology to increase customer security and create a smart banking platform. Cryptocurrency activity in Dubai is not limited to a few cases. Managers at the Dubai World Trade Center (DWTCA) recently announced that they have partnered with the UAE Securities and Commodities Organization (SCA). The purpose of this work was to help DWTCA expand its list of services to attract international investment and other entrepreneurial activities.
As Dubai moves toward innovation and the digital economy, DWTCA will support blockchain businesses.

With the advent of new technologies such as non-replaceable tokens, which are set to play an important role in the future of business, [DWTCA] will provide ways to provide more services to citizens. DWTCA is committed to becoming a digital currency capital for attracting new foreign investment.

Benefits of Security cryptocurrency
What will be the benefit of this investment? The UAE was able to achieve significant growth through foreign investment, and in a short time, large investments from all over the world flowed to this country. Much of the UAE's current position owes much to this type of investment. There are many benefits to becoming a cryptocurrency, the first of which is the inflow of capital into the country, resulting in increased employment and economic growth. In the next stage, due to the existence of specific laws as well as protection, it causes investors from other countries to go to the UAE.

Blockchain technology is another thing that plays a significant role in reducing costs and increasing security, etc.
UAE is not the only Arab country that has a positive position on this issue. Other countries, such as Bahrain and Saudi Arabia, have recently been licensed to operate in them.
Capabilities blockchain has led many companies to use this technology in creating financial transparency and preventing possible abuses.

Advantages of digital currencies and blockchain
Digital currencies are just one part of blockchain technology. Blockchain is a distributed, consensus-based database that continuously maintains a list of records (categories) and is thus reinforced against any misuse.

Dubai, which has dubbed itself the city of the future, plans to build its economic future on a blockchain platform, and the introduction of the EM-Cash digital currency in the UAE has been the first step in that long. Bahrain and the UAE are competing to become the main capital of digital currencies in the West Asian region. Both countries have licensed digital currency exchanges and brokerages and invested in related startups.

Abu Dhabi has come a long way in becoming a major player in the world of digital currencies, and the Abu Dhabi Global Market launched a new regulatory framework for cryptocurrencies in 2018. Since then, Government Fund has announced its investment in the blockchain ecosystem
Today Bitcoin holds 42.72% of the total digital currency in the world. This cryptocurrency was created by an anonymous group of traders on the blockchain platform.
For more information on different concepts about investing in digital currencies, as well as the latest news and analysis in this field, you can refer to the blog section of the site. In this section, important training and news in the field of digital currencies are continuously published.