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.
World’s Largest Metaverse Developer Opens Dubai Office
LandVault, the largest metaverse creator, is expanding its presence into the MENA region.
LandVault, the world’s largest metaverse developer, will expand operations to Dubai later this month as part of an ongoing strategy to boost its presence in the MENA region. The company aims to help local businesses gain a foothold in the expanding web 3.0 universe and sees exciting opportunities to bolster its client portfolio.
So far, metaverse developer LandVault has lived up to its name, creating and curating over 100 square feet of virtual space for a diverse range of organizations, including the nearby Yas Marina Circuit, Aldar, Mastercard, Standard Chartered, World of Women, Hershey’s, and many more.
The Dubai government’s Metaverse Strategy is one of the key reasons LandVault has been inspired to move to the region, as leaders plan to transform the Emirate into one of the world’s top 10 metaverse economies by 2030. Eventually, it’s hoped that in excess of 1,000 companies in the blockchain and web 3.0 spaces will be inspired to set up entities in the region, creating around 40,000 new jobs in the process.
“We are excited to open our office in Dubai and to be a part of the vibrant tech community in the UAE. The MENA region is a key market for us, and we believe that our presence in Dubai will allow us to assist the region and explore new opportunities. We are also excited about the potential for the metaverse in the real estate industry in the UAE. We look forward to working with developers and real estate companies to showcase their properties in a new and innovative way,” says Sam Huber, CEO of LandVault.
Alongside developing the metaverse from its new Dubai office, LandVault will also deploy its technology to assist the UAE’s real estate sector. Developers will soon be able to showcase their projects in a way that was never previously possible, reaching a much wider audience with immersive and interactive property tours and even virtual showrooms.