Dubai is positioning itself as a global leader in blockchain technology through the Dubai Blockchain Strategy. Developed by the Smart Dubai Office and the Dubai Future Foundation, the initiative aims to enhance government efficiency, create new industries, and establish international leadership in blockchain.
The strategy is designed to make Dubai the worlds first city fully powered by blockchain, with the goal of fostering economic opportunities across all sectors. Speaking with SiGMA TV, Dr. Marwan Alzarouni, CEO of the Dubai Blockchain Centre, said the city can play a role in multiplying the force of these two innovations and really scaling up companies from Dubai to the whole world.
Regulation and FinTech innovation
Dubais crypto-friendly regulations are attracting businesses and investors seeking clarity in the blockchain and virtual assets space. Dr. Alzarouni highlighted how regulatory advancements are shaping innovation and investments in FinTech.
Weve seen the whole industry moving to Dubai and the UAE, he said. Weve also seen new innovations in the space, especially with AI adoption within blockchain, and vice versa. He pointed out the use of blockchain to verify training sets for AI, ensuring transparency and compensation for creators of digital content such as music, art, and literature.
Role of blockchain in financial services??
The UAE has been pushing for cashless transactions and digital banking, with blockchain playing a crucial role in this transition. The introduction of UAE stablecoins is expected to improve payments, cross-border fund transfers, and financial accessibility.
We have already seen initial approvals for UAE stablecoins, Dr. Alzarouni said. Thats going to open a huge window not only for payments but also for cross-country transmission of funds, access to finance, and liquidity. He emphasised the advantages of stablecoins tied to the UAE dirham, providing financial stability while enabling international transactions.
Dubai as a FinTech hub
Dubais commitment to technology adoption and its business-friendly environment makes it a prime destination for FinTech entrepreneurs. The city offers extensive support to startups through funding, infrastructure, and regulatory frameworks.
The leadership here in the UAE, and Dubai specifically, are very forward-looking when it comes to technology adoption, Dr. Alzarouni said. Startups here are provided with all the logistical help they need, access to talent, and world-class financing at every stage of their lifecycle.
He added that entrepreneurs in Dubai benefit from diverse investment options, including venture capital, sovereign funds, crowdfunding, and liquidity from both traditional finance and the crypto ecosystem. Youre literally spoiled for choices when it comes to regulation and investment opportunities, he said.
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