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Dubai Adopts Its First Cryptocurrency Legislation
Dubai Police will start using state-of-the-art artificial intelligence technology to analyze the blockchain ledgers.
Like all technology, cryptocurrency can be used for both legitimate and nefarious purposes.
To establish Dubai as a cryptocurrency leader with a positive influence on the entire market, the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum has recently announced the adoption of the first legislation in the UAE to regulate cryptocurrency assets.
To oversee the execution of the new law and serve as a regulator of crypto activities, the Virtual Asset Regulatory Authority (VARA) has been set up in Dubai. One of VARA’s main responsibilities is the monitoring of virtual asset transactions to prevent price manipulations and other financial crimes. That’s no easy task to accomplish because popular cryptocurrencies like Bitcoin are pseudonymous, allowing asset holders to keep their real identities hidden.
Fortunately for VARA, Dubai Police’s cybercrime unit has been developing and using cutting-edge technology to make sense of virtual asset transactions.
“Technology is changing the world, and law enforcement is a part of that change. In order to combat crime, we are constantly researching new technologies” said Brigadier Dr. Saleh Al Hamrani, Dubai Police’s Deputy Director-General of Excellence and Entrepreneurship.
More specifically, Dubai Police is using state-of-the-art artificial intelligence (AI) technology to analyze the blockchain ledgers, which are essentially growing lists of records that are linked together as blocks using cryptography.
Also Read: 5 Gaming Cryptos That Will Explode In 2023
“We are going to work on the next generation of AI technology to help predict how and what are the risks we are going to face so that we are ready both internally and externally” Brig. Dr. Saleh added. “We are working and implementing AI not only for crime but also for traffic, security at the airport, and marine security”.
In the near future, the regulator of DIFC Dubai Financial Services Authority (DFSA) is also supposed to publish its own cryptocurrency regulation, and we will definitely keep you informed about it.
News
Dubai Gives Go Ahead For $35 Billion Al Maktoum Airport Expansion
The project will include a new passenger terminal, helping the emirate achieve its goal of operating the world’s largest airport by 2050.
On Sunday, April 28th, Dubai’s HH Sheikh Mohammed bin Rashid Al Maktoum gave the go-ahead to a major expansion project for Al Maktoum Airport (DWC).
The development will add a new passenger terminal to DWC, marking a major step in the emirate’s goal to transform the global transport hub into the world’s largest airport by 2050.
The construction project is valued at a massive $34.8 billion (AED128 billion), and is necessary to accommodate the projected surge in air travel over the coming years.
The DWC expansion plans were reportedly shelved in 2019. However, the project regained traction under the airport operating company Dubai Airports, who manage both Dubai International Airport (DXB) and DWC.
“HH Sheikh Mohammed bin Rashid Al Maktoum reviewed the strategic plan of the #Dubai Aviation Engineering Projects and approved designs for the new passenger terminal at Al Maktoum International Airport, which will be the largest in the world when fully operational,” announced the Dubai government on X, noting that the new terminal will increase annual capacity to over 260 million passengers.
Under the comprehensive development plans, Al Maktoum Airport will surpass the scale of Dubai International Airport by fivefold. Eventually, all of Dubai International’s operations will be moved to the new site.
Also Read: Abu Dhabi Developer To Build World’s First Healthy Living Island
Dubai Airport CEO Paul Griffiths has emphasized the need for a new facility as DXB airport approaches its maximum annual capacity of 120 million passengers, explaining that the new development will transform airport operations.
“We are not planning an airport that has terminals. We’re going to completely change the business model for airports, make them far more intimate, and get rid of all the legacy processes that we’ve had to subject our customers to for far too long,” Griffiths stated.
Dubai Gives Go Ahead For $35 Billion Al Maktoum Airport Expansion
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