April sees crypto under the spotlight in Dubai
The world of fintech – specifically cryptocurrency and blockchain – is having a busy month in the emirate with two major events taking place (despite the weather)
For fintech devotees April is proving to be a pivotal month in Dubai with the emirate hosting Token2049 (18-21 April, Madinat Jumeirah), which will welcome the world’s top names in cryptocurrency as they showcase their expertise.
The event is still going ahead despite some disruption due to the unprecedented storms that hit Dubai earlier this week.
The aim of the conference is to offer a valuable networking place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry.
The event comes on the back of the just completed inaugural edition of the Global AI Show and the Global Blockchain Show (Grand Hyatt, Dubai) which saw thought leaders in the AI and machine learning space meet experts from the web3 ecosystem to discuss future opportunities in the rapidly evolving industry.
Crypto and Dubai real estate
When it comes to the real estate sector, Dubai looks set for a wider adoption of cryptocurrencies for property transactions in the future, thereby streamlining processes and attracting international investors.
Indeed, regulatory frameworks are already evolving to accommodate this shift – such as Dubai's Virtual Assets Regulatory Authority (VARA).
The potential benefits of blockchain technology in the property market include enhanced security, transparency, and efficiency in property deals, potentially reducing transaction costs. It could also open opportunities for smaller investors to participate in high-value assets.
Crypto.com gets VARA backing
In related news, Crypto.com’s Dubai-based entity, CRO DAX Middle East FZE, has just secured full operational approval from VARA, making it the first crypto exchange to be allowed to operate with fiat currency in the UAE (currency that is not backed by a physical commodity, such as gold or silver).
Crypto.com said its next step is to introduce its exchange for institutional investors. It will cater to institutional clients and qualified retail investors with services including spot trading, staking brokerage and over-the-counter offerings around settlements for selected markets.
Eric Anziani, president and CEO at Crypto.com told the media: “Being the first global crypto company operational with fiat in the UAE is a significant milestone and reflects our dedication to working closely with regulators to advance the industry responsibly.”
