The Middle Eastern countries have demonstrated their commitment to the global blockchain community by joining it. The United Arab Emirates has a reasonable basis for blockchain-related firms thanks to Switzerland’s Crypto Valley and the UAE government’s forward-looking posture.
For the Davos World Economic Forum in January 2020, DMCC partnered up with Crypto Valley, a Blockchain ecosystem based in Switzerland. Members of the DMCC Crypto Centre represented almost 50% of the DMCC Freezone’s Blockchain-related businesses in 2018.
Crypto Valley has decided to open its doors and share its expertise with the Middle Eastern community. Because of new regional regulations that favor innovation and disruption, blockchain firms will be able to get licenses and commence operations more quickly than previously feasible. With 700 UAE-based businesses in this rapidly developing ecosystem, the number is expected to climb by March 2021. This is according to Crypto Oasis creator Ralf Glabischnig.
Despite the Dubai Future Foundation’s announcement of a Dubai Blockchain Strategy, the UAE’s ecosystem continues to thrive. Up to 2021, the Crypto Valley in Switzerland will house over 1,100 blockchain businesses employing over 6,000 employees. It is only natural that the Swiss Crypto Valley grows and prospers due to the region’s significant population and quick expansion.
Enterprises that use blockchain technology
It is essential to understand the distinction between the two sorts of blockchain-related enterprises. Existing businesses offer both blockchain-related services as well as non-blockchain-related products, both of which may be classified as “native” or “non-native” enterprises, depending on their focus. As a total, Blockchain technology has been used by 40 percent of native organizations and 60 percent of non-native organizations.
With its “always open for business” attitude, Dubai has become one of the most popular tourist destinations in the world. Silicon Valley venture capital companies such as Draper Goren Holm and Woodstock Fund have invested significantly in Blockchain over the past few years. Cypher Capital and GHAF Capital Partners are two new investors that have recently increased their stakes in the company.
The Progress That Has Been Made
Sheikh Mohammed bin Rashid Al Maktoum recommended on March 9, 2022, the construction of a Dubai Virtual Asset Regulation Law to promote the industry by passing legislation that looked toward the future. Dubai has never enacted legislation that protects investors and supports ethical growth in the financial services business.
Under the Act, Virtual Asset Regulatory Authority (VARA) is responsible for monitoring implementation, recording digital transactions, and safeguarding users’ information.
This technology’s openness, integrity, and immutability set it apart as a valued asset. Because of these characteristics, our ecosystem is a win-win situation for everyone involved. Even as they strive to create the Crypto Oasis, these Blockchain pioneers are open to partnering with other institutions and start-ups who have big plans for the future.
