DUBAI CRYPTO ECOSYSTEM 2022 BOOM – TOP REASONS WHY DEFI ECONOMY AND CRYPTO BUSINESS BLOOM IN THE UAE

The crypto industry has been growing in popularity in the past few years, and digital assets continue to ride the wave of success worldwide. Small investors, as well as big players, are still pouring money into the crypto space, and blockchain technology continues to see massive adoption all over the world.

The mainstream adoption of digital assets has been one of the most important goals that the crypto industry has set.

There have been made a lot of moves that support this trend, and the crypto industry continues to bloom at the end of 2022 as well. Despite the crypto prices volatility, adoption continues to attract more and more crypto enthusiasts on board, and bigger names are hopping into the crypto wagon, promoting adoption.

Giants like Google, Twitter, and more essential tech companies are boosting digital asset adoption via their newly offered services.

The UAE understands the importance of financial freedom, and this is the very reason why the nation fully supports crypto and the blockchain.

The Dubai Blockchain Strategy has been implemented in the crypto hub that this city has become over the past few years.

According to the official website, The Dubai Blockchain Strategy has the main target to support Dubai achieve the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum by making “Dubai [will be] the first city fully powered by Blockchain by 2020” and make Dubai the happiest city on earth.

It’s really important to note the fact that the strategy will make use of these three strategic pillars. These are the following: Government Efficiency, Industry Creation, and International Leadership.

THE DUBAI BLOCKCHAIN STRATEGY EXPLAINED

This is an important move that Dubai decides to support crypto and the mass adoption of digital assets and the blockchain. Launched by His Highness Sheikh Hamdan, the Dubai Blockchain Strategy, is what resulted from the mixture of a collaboration between the Digital Dubai Office and the Dubai Future Foundation.

The main goal of this project is to explore and evaluate the latest technological innovations. These latest high-tech movements are continually building an opportunity to deliver more seamless, safe, efficient, and impactful city experiences.

The blockchain technology managed to become one of the most important high-tech new tools on the planet that shape the future of the Internet. The transactions are getting more secure, safe, and simpler with each passing day, and the project that we mentioned above will help Dubai achieve a new vision for the future, and it will transform the city into the happiest location on the planet, according to the latest reports.

This is a project that has been built with the main goal of boosting economic opportunities for all the city’s sectors. Dubai aims to become a global tech leader in smart economy, and its target involves fueling global competitiveness and entrepreneurship.

Dubai will become the first blockchain-powered government, and it will drive the economy of the future.

THE DECENTRALIZED FINANCE IN DUBAI’S CRYPTO ECONOMY

Dubai is now one of the most important crypto hubs on the planet, and it has been seeing a flourishing economy for tech innovation. Crypto and blockchain enthusiasts are moving here thanks to the nation’s openness to financial freedom and mass crypto adoption.

New regulations have already made the Gulf state a heaven for all the crypto enthusiasts out there. It’s basically a rival to Silicon Valley, Hong Kong, and Singapore. Also, a lot of crypto giant players in the market have come to Dubai to buy property in Dubai.

Over the past few years, the policies in Dubai created by the nation’s government have shown that they are ready to embrace the future of tech and innovative movements. They continue to strive to achieve the highest peaks of success and progress.

Such steps are extremely important for the future of finance and life in general, and they are able to create an important ecosystem that’s made of tech, capital, and talent as well. The way of innovation in blockchain tech was kicked off in Dubai by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

His vision of the Dubai Smart City has rocked the nation and boosted it towards the most successful peaks of innovation. It’s also important to note the fact that the government services of Dubai have become entirely digitized, and this happened thanks to the capabilities of blockchain, artificial intelligence (AI), and data science innovations, according to Entrepreneur.com.

The same website notes the fact that Dubai Blockchain Center CEO Dr. Marwan Al Zarouni has enabled Dubai to become a city that operates as a blockchain hub.

He managed to achieve this important goal by using emerging technologies and businesses to solve real-world problems. This is happening especially in healthcare. According to the official reports, it seems that back in 2021 alone, Dubai Multi Commodities Centre issued licenses to more than 150 crypto blockchain businesses.

It’s also worth noting the fact that the city was able to keep the world’s eyes on it when it was able to launch the Future Accelerators program. The main goal of this program was to boost the city services using blockchain technology.

Dubai is also keeping an eye on DeFi and its developments that are taking place all over the world. Just in case you are not familiar with the term, DeFi involves using financial tools for trading, loans, investments, borrowing, and other apps for individuals. There is no need for third parties to be involved in all this.

MAIN REASONS FOR DUBAI’S INTEREST IN THE GROWING POPULARITY OF DEFI APPLICATIONS

Dubai is aware of the growing DeFi popularity, and below, you can see the main reason for which this is happening.

High income

The UAE shelters some of the richest people in the world. They are encouraged by the beneficial tax rates, and this leads people to move their wealth offshore. The new opportunities and benefits of DeFi, which include Bitcoin exposure, are reasons for which Dubai has become more and more attractive to a lot of investors from abroad.

Interest rates

It’s essential to note the fact that the average interest rate for personal loans in Dubai is 11 percent. This is higher compared to other cities in the UAE.

High level of accessibility

The DeFi platforms allow anyone who has Internet access and a smartphone to use such services. The best advantage is the fact that there is no need for banks or large financial institutions involved.

Assets that resist inflation

Just in case you didn’t know, the UAE dirham is pegged to the US dollar. The DeFi tokens are considered resistant to inflation, and they have been rising against all the important fiat currencies.

Reasons for which crypto enthusiasts will succeed in Dubai

Dubai’s amazing ecosystem and modernization of lifestyle make it the perfect location for all crypto enthusiasts to thrive here. Here are the most important reasons for which crypto fans are struggling to get to Dubai and start working here.

Binance operates in Dubai

As you probably know by now, Binance is the biggest and most important crypto exchange in the world. The city has been making massive efforts to innovate and expand the crypto trading platform.

Binance supports the monitoring and establishment of the Virtual Asset Regulatory Authority. Back in September this year, the Burj Al Khalifa announced the fact that Binance has an official license.

DUBAI IS ON ITS WAY TO BECOMING A GLOBAL CRYPTO HUB

Dubai has been seeing massive levels of modernization and some pretty innovative government regulations. It’s on its way to becoming a global crypto hub. Here, people can enjoy low taxes and hassle-free businesses and all this is making it easier for tech innovation. It’s important to note the fact that there are no rules regarding digital assets.

There are currently 4 Bitcoin ATMs that crypto traders are able to use in the city. It’s safe to say the fact that Dubai is gearing up to become the best crypto hub all over the world.

Using blockchain for digital transactions

Dubai is currently using a Bitcoin wallet called BitOasis, and this allows people to buy Bitcoin from the local exchanges in the Middle East.

This wallet supports some of the most important digital assets out there, such as Bitcoin, Ethereum, and Litecoin.

One other issue that is definitely worth noting is the fact that last month, Dubai managed to achieve a vital milestone and it became included in the list of the world’s best-performing digital governments. The city ranks 5th in the world and 1st in the Arab World.

Dubai is hosting essential crypto events

Huge seminars and events, crypto fans can come to Dubai in roder to learn about BTC and the blockchain. There are a lot of important events that are coming to Dubai, and crypto fans should remain tuned if they are keen on learning more about crypto, Web 3, and the blockchain. Dubai is one of the most important cities in the world, which welcomes events, seminars, and more. All this is boosting the city’s presence in crypto all over the world.

Crypto companies thrive in Dubai

There are a lot of crypto enthusiasts living in Dubai these days, and the supportive and innovative local government, together with great tax regulations, a wealthy city, and amazing resources, help crypto fans to launch their businesses here. Dubai is becoming more and more alluring for various investors from abroad.

This leads to lots of crypto firms and companies becoming enthusiastic about launching shops and businesses in the city in roder to offer crypto licenses. Crypto.com and Binance are already established here.

Tech writers see a massive demand

A tech writer can write everything about the blockchain and crypto, and such specialists are in great demand here. There are a lot of tech firms and crypto companies that need writers who are able to enlighten people in the UAE regarding Web 3.

One of the best ways to boost marketing initiatives is via content marketing, and this is really important regarding the need for tech writers. Tech content creators are keen on educating readers about all these issues. Writers who want to make excellent tech careers are choosing to move to Dubai and enjoy all these opportunities.

Massive crypto community in Dubai

There is a Bitcoin community in Dubai, and a lot of OFWs are keen on learning about trade and crypto in general. One of the most impressive things about moving to Dubai is finding a community with the same interests as yours. Crypto people are already calling Dubai their home, and they continue to enjoy their lives in the Gulf.

CLOSING WORDS

Dubai is a global hub regarding the use of DeFi, and it offers a vast palette of opportunities. Crypto enthusiasts continue to move here because Dubai is a place where tech companies and crypto firms can bloom. Starling Properties understands the massive importance of crypto and the blockchain in Dubai, that’s why we support the use of digital assets.

Our company facilitates the buying, selling, and renting of properties in Dubai. The platform is performing top-notch brokerage in the real estate industry in the UAE. Starling Properties supports tech advancements, and therefore, we support the payment made via digital assets for purchasing, selling, and renting properties in Dubai.

The UAE quickly became the crypto hub of the world during the past years, and this is one of the reasons why we didn’t lose any time when taking advantage of the location’s perks. For any other information on crypto real estate deals, don’t hesitate to contact us.