March 15, 2023

DBCC CEO Says UAE is World’s Crypto Capital

Crypto in UAE

Crypto in UAE

At a time when the global crypto community is still wondering which country is the best hub for virtual assets, one of the crypto pioneers in the Middle East believes that the UAE is indeed the crypto capital of the world in terms of value created and innovation taking place in the region. 

CEO of Dubai Blockchain Center (DBCC) Marwan Alzarouni said many major projects have moved to the UAE ecosystem, which is dedicated to development and innovation, noting the cryptocurrency space, Web 3.0, and metaverse in the UAE are booming and everything that the UAE and Dubai are creating and developing is starting to spread across the world.

In statements to Cointelegraph, Alzarouni hailed the great work done by the Emirati capital, Abu Dhabi, in adopting and funding initiatives related to Web3 technologies. 

He added that the UAE is not the crypto capital of the world in terms of the negative connotation [that might come with it], but it is the crypto capital when it comes to innovation, development, and actual value creation.

According to him, UAE regulations toward crypto and metaverse ‘move very fast’ and whenever the government issues new regulations, it listens to the public for feedback. 

Earlier in February, Abu Dhabi’s technology ecosystem, Hub71, announced the launch of a new initiative called Hub71+ Digital Assets, which aims to support the growth of Web3 start-ups and their innovations in the fields of metaverse and blockchain.

The Hub71+ Digital Assets will provide capital funding to Web3 start-ups, located in Abu Dhabi, worth $2 billion (+AED 7 billion), in a move to unlock the potential of Web3 and the growth of digital assets, according to WAM news agency.

The initiative plans to provide Web3 start-ups with top-notch blockchain and virtual asset infrastructure in light of operating in an advanced regulatory environment.

Based at Hub71 in the Abu Dhabi Global Market (ADGM), FABRIC, the research and innovation center of First Abu Dhabi Bank (FAB), will be a key partner for the new initiative, which will play a role in simplifying the discovery, trading, and safekeeping of digital assets. 

FAB will also determine pioneering Web3 start-ups, entrepreneurs, and innovative technologies to reimagine financial services in the metaverse.

Under the initiative, Hub71 noted it will push the expansion of these start-ups to expand to Abu Dhabi and enhance their presence in the Middle East and global markets.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.