The Dubai Chamber of Digital Economy revealed the formation of the Dubai Digital Assets Business Group (D2A2). The role of the group is to strengthen and promote the digital asset sector within the UAE and across the Middle East.
D2A2 will explore how to improve the digital business infrastructure as well as growth of digital businesses in Dubai.
Omar Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications and the Chairman of Dubai Chamber of Digital Economy, said that among the group’s goals is to ensure challenges that are faced by digital companies are addressed.
Omar Sultan Al Olama added that the group’s vision is to turn Dubai into the global capital of digital economy, a vision that is shared by Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.
D2A2 will provide strategic market research in the digital sector to policy makers, stakeholders, governments and the private sector. The digital economy is regarded as the economy of the future.
Gaurang Desai, the Chairman of D2A2, added: “We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets. That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by cooperating with counterpart organizations across the world.
“We wish to welcome all experts in the industry to come and join D2A2, to help us spread the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards.”
Crypto Exchanges Rush to Dubai
Many cryptocurrency exchanges flocked to Dubai. OKX obtained a license under Virtual Assets Regulatory Authority (VARA) on 14 July 2022.
Huboi Global acquired a Minimal Viable Product (MVP) license under VARA. Komainu, a crypto custodian firm that is backed by Nomura received approval to operate in UAE on 27 July.
FTX FZE (a subsidiary of FTX) obtained a license from VARA (MVP) on 29 July. Additionally, FTX obtained the virtual asset exchange (VAX) under VARA.
CoinMENA, a crypto exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term licensed by the central bank of Bahrain obtained a provisional license in Dubai.
Henri Arslanian recently left the financial services sector to launch a crypto fund in Dubai, ‘Nine Blocks Capital Management.’ The crypto fund is backed by Nine Masts Capital, a hedge fund based in Hong Kong that transferred $75M to the fund. 3 portfolio managers will be based in the Cayman Islands.
Arslanian has already relocated to Dubai.
Carlton Lai, the Head of Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term and Cryptocurrency Research at Daiwa Capital Markets explained why Dubai is attracting crypto companies in an interview to the Financial Times:
“I think it [Dubai] is currently the most appealing destination for many major crypto firms. The city had moved very quickly to hand out licences.
“Compare this with the likes of Singapore and Hong Kong, things have not only moved very slowly, but there [have] been numerous regulatory flip-flops that simply [reduce] the confidence in its regulatory direction.”
The Dubai Metaverse Strategy
The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched his plan to attract 5,000 metaverse and crypto companies to the city:
“Today we launched the Dubai Metaverse Strategy, the next revolution in the technological and economic field that will affect all aspects of life over the next two decades.
“We have 1,000 companies in Dubai currently working in this sector, which contributes $500 million to our national economy. We expect it to rise strongly during the coming period.”
It has been estimated that 5,000 companies will add $4 billion to Dubai’s economy and create 40,000 new jobs. Dubai will attempt to place itself among the top countries that welcome blockchain innovation in a regulated environment.
The Dubai Chamber of Digital Economy revealed the formation of the Dubai Digital Assets Business Group (D2A2). The role of the group is to strengthen and promote the digital asset sector within the UAE and across the Middle East.
D2A2 will explore how to improve the digital business infrastructure as well as growth of digital businesses in Dubai.
Omar Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications and the Chairman of Dubai Chamber of Digital Economy, said that among the group’s goals is to ensure challenges that are faced by digital companies are addressed.
Omar Sultan Al Olama added that the group’s vision is to turn Dubai into the global capital of digital economy, a vision that is shared by Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.
D2A2 will provide strategic market research in the digital sector to policy makers, stakeholders, governments and the private sector. The digital economy is regarded as the economy of the future.
Gaurang Desai, the Chairman of D2A2, added: “We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets. That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by cooperating with counterpart organizations across the world.
“We wish to welcome all experts in the industry to come and join D2A2, to help us spread the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards.”
Crypto Exchanges Rush to Dubai
Many cryptocurrency exchanges flocked to Dubai. OKX obtained a license under Virtual Assets Regulatory Authority (VARA) on 14 July 2022.
Huboi Global acquired a Minimal Viable Product (MVP) license under VARA. Komainu, a crypto custodian firm that is backed by Nomura received approval to operate in UAE on 27 July.
FTX FZE (a subsidiary of FTX) obtained a license from VARA (MVP) on 29 July. Additionally, FTX obtained the virtual asset exchange (VAX) under VARA.
CoinMENA, a crypto exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term licensed by the central bank of Bahrain obtained a provisional license in Dubai.
Henri Arslanian recently left the financial services sector to launch a crypto fund in Dubai, ‘Nine Blocks Capital Management.’ The crypto fund is backed by Nine Masts Capital, a hedge fund based in Hong Kong that transferred $75M to the fund. 3 portfolio managers will be based in the Cayman Islands.
Arslanian has already relocated to Dubai.
Carlton Lai, the Head of Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term and Cryptocurrency Research at Daiwa Capital Markets explained why Dubai is attracting crypto companies in an interview to the Financial Times:
“I think it [Dubai] is currently the most appealing destination for many major crypto firms. The city had moved very quickly to hand out licences.
“Compare this with the likes of Singapore and Hong Kong, things have not only moved very slowly, but there [have] been numerous regulatory flip-flops that simply [reduce] the confidence in its regulatory direction.”
The Dubai Metaverse Strategy
The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched his plan to attract 5,000 metaverse and crypto companies to the city:
“Today we launched the Dubai Metaverse Strategy, the next revolution in the technological and economic field that will affect all aspects of life over the next two decades.
“We have 1,000 companies in Dubai currently working in this sector, which contributes $500 million to our national economy. We expect it to rise strongly during the coming period.”
It has been estimated that 5,000 companies will add $4 billion to Dubai’s economy and create 40,000 new jobs. Dubai will attempt to place itself among the top countries that welcome blockchain innovation in a regulated environment.
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