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Author: Admin | 2025-04-28
Dubai AIM Summit and recent regulatory developments highlight Dubai’s ongoing transformation into a favorable hub for crypto companiesDubai has been taking the steps to position itself as a global hub for the quickly evolving and wildly diverse crypto industry. It is turning itself into a jurisdiction where a broad variety of crypto-related businesses can operate with the confidence of regulatory licensing. We recently took a trip to the Dubai AIM Summit which further cemented our positive outlook on the prospects of Dubai as a growing hub for mining, Web3, and Metaverse-related businesses. Throughout the course of the Summit, we became aware that many significant players in the industry are transitioning their operations to the Dubai jurisdiction while Dubai is also making efforts to make their regulatory and economic ecosystem even more attractive to crypto players. Herein, we highlight how Dubai is offering a regulatory framework for crypto businesses which allows them to operate not only there but across the entire United Arabs Emirates (UAE). We also cover some of the developments unveiled at the recent Dubai AIM Summit and how Dubai is expected to shape up as a crypto hub moving forward.Dubai’s foundations as a crypto hubDubai’s evolution into a global crypto hub is not whimsical. As early as 2016, the government announced plans to leverage blockchain technology to create a fully digitized government. As part of that effort, Dubai established the Global Blockchain Council, a body of government agencies, banks, and tech firms which includes major names such as Microsoft and IBM. The goal of this council was to implement the nascent technology in the administration of various aspects of the city.The Dubai government has since taken steps to transform the Dubai regulatory environment into an even more robust framework for digital asset businesses. In March of 2022, the government pushed through the Dubai Virtual Assets Regulation Law and established the Dubai Virtual Assets Regulatory Authority (VARA) to help provide oversight on digital asset regulations.The Virtual Asset Regulation Law provides a framework for businesses dealing with virtual assets, including cryptocurrencies, NFTs, and other digital asset investment products. VARA will
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