News

Dubai To Further Virtual Strategies In Metaverse Assembly

The assembly is due to take place in Dubai’s Museum of the Future, where it will connect people with the latest Web3 technology.

Published

2 years ago

September 7, 2022

Nour Nasir

dubai to further virtual strategies in metaverse assembly

Dubai Future Foundation

Organized by the Dubai Future Foundation (DFF), The Dubai Metaverse Assembly is due to take place on the 28th and 29th of September 2022, launched by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

The assembly will host Facebook parent company Meta and representatives from the World Economic Forum, Mastercard, Emirates, and Accenture. 300 world experts and 40 specialist organizations will also be in attendance at an event that will take place in the Museum of the Future, next to the famous Emirates Towers.

“This global assembly will facilitate synergies amongst the most pioneering and innovative private and government entities, building exciting use cases in web 3.0 and the Metaverse. [the assembly will] bring together policymakers, academia, startups, and corporations to explore these technologies and their impact in the Metaverse,” says Dubai Metaverse Assembly’s director, Hamad Al Shirawi.

dubai metaverse assembly september 2022

The overarching theme is centered around connecting real and virtual worlds, and workshops will advise participants on how to benefit from, and gain capital in the Metaverse to achieve an improved quality of life in both spheres of existence.

The Dubai Metaverse Strategy was announced two months ago by Dubai’s Crown Prince to boost the Emirates virtual footprint and prepare the UAE government for the emergence of the Metaverse by providing an outlet and forum for discussion and collaboration.

Also Read: Farfetch Aims To Bring Web3 To The World Of Fashion

The event is set to host plenty of experienced speakers who will guide the audience through this emerging new technology, introducing them to a market tipped to be worth $30 trillion within the next decade and a half.

“The Metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe […] We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential, and driving change,” says His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

News

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.

Published

2 hours ago

April 19, 2024

Nour Nasir

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.