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Digital Dubai Issues World’s First Secured Digital Certificates

The technology uses Soulbound Token technology to prevent duplication.

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digital dubai issues world's first secured digital certificates
Digital Dubai

Digital Dubai recently issued the world’s first secured digital certificates. The technology is built using Soulbound Token technology, an advanced next-generation non-fungible token.

Soulbound Tokens use blockchain technology to represent a person’s identity and can be used for medical records, employment history, or any type of information concerning a person or entity. The certificates are permanently linked to a user’s personal account in their digital wallet, and ownership cannot be transferred to another party, sold, or disposed of.

“The accelerated pace of technological advancements has made the future closer than ever before, and here in Dubai, we are proud to have an agile government that wastes no time in embracing developments and putting them into practice to drive digital transformation and shape the future today,” says Digital Dubai’s director general Hamad Al Mansoori.

Also Read: Riyadh Air Makes Multi-Billion Dollar Deal With Boeing

The first secured digital certificate was issued by Dubai Cyber Innovation Park, an affiliate of the Dubai Electronic Security Centre at Digital Dubai. Tokens were granted to the first group of graduates from the Chief Information Security Officer Executive program, in which 17 government and semi-government entities participated.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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