Everything related to connections such as web 3.0, metaversion, DeFi or, for example, NFT is and will always be associated with the crypto industry, and therefore it is clear to everyone that it is no longer necessary to fight against this but simply accept this fact. As Bloomberg confirmed, the United Arab Emirates, which is preparing to license virtual asset service providers (VASPs), has a similar view, as they would like to attract new crypto companies to their country. We have also learned that the Securities and Exchange Commission (SCA) is in the final stages of approving new legislation and the entire licensing process should begin before the end of Q1 2022.
In other words, if everything went according to plan, the country would most likely be able to welcome the world’s largest crypto exchange, Binance Holdings Ltd. Something similar would mean that Dubai would gain a competitive advantage over financial centers such as Hong Kong and Singapore, which are already in the process of forming properly regulated cryptoenvironments. As the city already provides an attractive environment for financial operations, progress on digital assets seems to be the right next step.