Currently, the UAE is growing into a popular cryptocurrency hub in the world, and cryptocurrency companies in the UAE are rapidly rising, and more and more companies are considering adopting the new blockchain technology. The cryptocurrency business will witness a boom in the Middle East in the coming years. Due to the UAE's open policy towards cryptocurrencies, many enterprises have been attracted to settle in. In total, the digital economy contributed about AED 100 billion (about $27.25 billion) in 2021, accounting for 4.3% of the UAE's GDP, according to a report in UAE Local News. The country is home to more than 1,400 blockchain or crypto startups with a combined valuation of DH90 billion ($24.5 billion).

They must find new opportunities for wealth. The blockchain and crypto industry represented by Bitcoin has brought new vitality to some small countries such as the United Arab Emirates, Saudi Arabia and El Salvador. Australian AUSTRAC digital currency license, Hong Kong cryptocurrency license

Dubai, in the United Arab Emirates, is on its way to becoming a Bitcoin trading hub. Hundreds of companies from Binance, ALPEX and Metahero, including more than 90 investment funds and 12 business incubators, have chosen Dubai as their hub of operations. Due to the UAE's open policy towards cryptocurrencies, many enterprises have been attracted to settle in. In total, the digital economy contributed about AED 100 billion ($27.25 billion) in 2021, or 4.3 percent of the UAE's GDP, according to a report in UAE Local News. The country is home to more than 1,400 blockchain or crypto startups with a combined valuation of DH90 billion ($24.5 billion). Uae Cryptocurrency, Dubai DMCC Cryptocurrency License, Dubai VARA Cryptocurrency Asset License

Dubai's open-door policy

The Blockchain Daily reporter learned that the regulation of cryptocurrencies in Dubai is done by the FRSA (Financial Services Regulatory Authority), SCA (UAE Securities and Commodities Authority) and DFSA (Dubai Financial Services Authority).

In order to provide crypto services in the UAE or Dubai, a license from the SCA or FRSA is required (depending on the location of operation). Transactions in cryptocurrencies are regulated by the SCA and FRSA, and licenses may be granted depending on the cryptocurrency nature of the transaction.

At the end of 2020, the UAE Securities and Commodities Authority (SCA) issued Decision No. (21/RM) 2020 of the Chairman of the Authority on the Regulation of crypto Assets.

The regulation aims to establish a clear licensing regime for any provider wishing to provide crypto asset services within the UAE, which includes initial token offerings based on or leveraging crypto assets, exchanges, marketplaces, crowdfunding platforms, custody services and related financial services.

The Crypto Regulatory Decision states that providers wishing to offer crypto asset services (or any related services) must be incorporated within the UAE or within one of the UAE's financial free zones, namely the Dubai International Financial Centre or ABU Dhabi Global Market, and must also be licensed by the SCA. As part of the process, applicants must demonstrate that they will strictly comply with the UAE's anti-money laundering and counter-terrorism financing laws, cybersecurity compliance standards and data protection regulations. Dubai Cryptocurrency License, UAE Financial Regulatory License, Dubai Virtual currency license processing

The blockchain layout of Dubai

Marwan Alzarouni, CEO of the Dubai Blockchain Centre, told the media that the UAE, and Dubai in particular, has always been forward-looking and fast-moving when it comes to any future technology, and crypto assets and blockchain are no exception.

Back in 2013, the UAE launched the "Smart Dubai initiative", a core part of the plan is to improve government efficiency through the use of blockchain technology, including its own actions to promote blockchain from 1.0 (payment tools) to 2.0 (financial industry applications). The development of Phase 3.0 (other industries and government applications) aims to make Dubai a global leader in this field.

In 2016, Dubai established the Global Blockchain Council, which now has more than 30 members, including government entities, international companies, and blockchain startups. Microsoft, SAP, Cisco and other tech giants are members of the council.

The Global Blockchain Council held its 2016 industry theme conference and announced seven new blockchain proof-of-concept, including: medical records, securing jewelry transactions, transfer of ownership, business registration, digital wills, tourism management, and improving freight transportation. It can be said that Dubai is currently the Middle East's blockchain research and development center.

In 2017, the Dubai government announced that Emcredit, a subsidiary of Dubai Economy, would partner with U.S.-based startup Object Tech Grp Ltd to create a cryptocurrency called emCash.

In 2018, Sheikh Mohammed, the Prime Minister of Dubai, announced that the government of Dubai would adopt blockchain technology for half of its government business by 2021. Conditions for the processing of the UAE cryptocurrency license

In 2020, in line with the vision of the Dubai Block chain Strategy 2020, Smart Dubai has delivered on its promise to build a thriving blockchain ecosystem in Dubai, Countless use cases, a joint blockchain platform and the Dubai Blockchain Policy were launched. Government and private sector agencies are committed to realizing 24 blockchain use cases. These use cases cover eight sectors, namely finance, education, real estate, tourism, business, health, transport and security.

The UAE has also proposed a plan to transform Dubai into the world's first city powered entirely by blockchain technology - the "Dubai Blockchain Strategy" - to make Dubai the happiest city on Earth.