Tag: dubai

Dubai Gets Metaverse Strategy, Plans to Be Among Top Ten Metaverse Economies

The UAE, that is working on establishing itself as hotspot for Web3 activities, has decided to make Dubai one of the world’s top ten metaverse economies. This week, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, announced a roadmap for the growth of metaverse in Dubai. Called the ‘Dubai Metaverse Strategy’, this plan aims to onboard over a thousand Web3 firms onto its industrial ecosystem. This move, the UAE estimates, can bring about 40,000 jobs in the next six years leading to 2030.

In the coming years, Dubai is looking to knit a state-of-the-art metaverse ecosystem to offer to the companies that are offering services related to the technology. The Dubai Metaverse Strategy will test the applications of metaverse in various sectors including tourism, education, retail, remote work, healthcare, and legalities, disclosed an announcement published on WAM, an official news agency of UAE.

To ensure that the metaverse technology is well incubated, Dubai will be stepping up its game to conduct research and development on other technologies like Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (XR). These make for essential elements of the overall metaverse tech and have already added 6,700 jobs in the UAE, adding $500 million (roughly Rs. 4,175 crore) to the nation’s economy in recent times.

“The strategy also aims at leveraging real-time data, using machine learning and IoT, and employing AI simulation and blockchain to enhance the human thinking processes,” the announcement added.

Market research firms have different projections about the growth of the metaverse market by 2030. While Marketsandmarkets.com projects the market size to reach $1,303.4 billion by 2030, PS Market Research, Statista, and Precedence Research estimate it to swell to the sizes of $1,157 billion, $507 billion, and $1.3 trillion, respectively.

The World Economic Forum (WEF), in its latest report said that nearly 700 cities will have some kind of a metaverse infrastructure by the year 2030. As of now, however, South Korea’s Seoul, UAE’ Dubai, and the US’ Santa Monica have been named as leading cities in the international metaverse sector.

Dubai has already been taking steps to become an early adopter of the metaverse technology. In September 2022 for instance, UAE’s ministry of economy made a debut in the metaverse.

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Small Crypto Players in Dubai to Get Benefits from VARA Regulators: Details

Dubai, that has emerged as a hotspot for crypto activities, is taking a new approach to inject power and support into smaller Web3 players. VARA, the Web3 regulatory body of Dubai wishes to make the operational and compliance process for small players more cost effective. Figuring out a way to manage and reduce compliance costs for bootstrapped and emerging entities working around crypto, metaverse, blockchain, or NFTs, at this point, is among the top priorities for VARA in Dubai.

Matthew White, the CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), was recently speaking at the Paris Blockchain Week. During his speech White said that there is still scope for improvement in Dubai’s crypto laws.

As per White, several methods are being considered in Dubai to take some burden off smaller Web3 businesses. Giving an example of a potential solution, White said, bigger and more established Web3 players could perhaps ‘host’ the smaller entities. Through this, the larger party could bear some expenses of the smaller party, while utilising to their advantage, the resources or initiatives that these dependent firms are working on.

“(In this system), the cost of compliance is borne by the larger systemic players, and this allows the smaller players to come into the ecosystem, be regulated, but also not have to suffer the same sort of level of costs of compliance that we’ve got,” the CEO of VARA said.

In March 2022, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum officially brought VARA into existence to oversee the growth, development, and safety of the Web3 sector. All Web3 players looking to set up shops in Dubai are mandated to identify themselves with VARA. Since its inception two years ago, VARA claims to have maintained constant discussions with Web3 players — trying to understand which form of industry structure would make business operations most fruitful.

In order to make it accessible for industry players around the world, VARA also established a digital headquarter in The Sandbox metaverse.

In November last year, the UAE also rolled-out a guidance manual for virtual assets services providers (VASPs) to outline information about compliance requirements for Web3 firms as well as potential punishments for disobedience. According to the Crypto Oasis Ecosystem report, there are already more than 1,800 organizations employing 8,650 people across the digital asset industry in the Middle East and North Africa.

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Dubai-Based Economic Freezone DIFC Gets Rules to Govern Web3 Firms: All Details Here

Dubai, the emerging global hotspot for Web3 activities and businesses, has taken another crucial step to make things more lucrative for interested folks. A layer of regulations dedicated to overseeing the Web3 sector, has been laid upon the Dubai International Financial Centre (DIFC). This special economic freezone located in Dubai, was put in place in 2004. This freezone works under the Dubai Financial Services Authority – which is an independent regulator exclusive to the DIFC. With an influx of Web3 firms in Dubai, the regulator felt an immediate need to bring-in some new laws.

Called the Digital Assets Law, this legislation adds some new Web3-centric rules while also making changes to existing laws around contracts, obligations, security, damages, remedies, and foundations.

“DIFC is excited to announce the enactment of its Digital Assets Law. We consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, and to provide for how digital assets may be controlled, transferred and dealt with by interested parties,” said Jacques Visser, Chief Legal Officer at DIFC Authority while commenting at the development.

In recent times, the DIFC has been gearing to see a boom in Web3 firms entering the economic freezone. Last year in August, the DIFC decided to subsidise 90 percent of licencing cost for Web3 and AI firms.

Hence, the newly enacted laws levied by the DIFC outlines the ways in which digital assets like cryptocurrencies and NFTs would be monitored, transferred, and dealt with by industry participants operating out of the DIFC freezone.

As per Visser, this is the first legislative in the UAE that comprehensively set out the legal characteristics of digital assets including them under the property law provisions.

“The legislative enactments aim to ensure DIFC Laws keep pace with the rapid developments in international trade and financial markets arising from technological developments, and to provide legal certainty for investors in, and users of, Digital Assets,” the DIFC authorities noted in the official announcement post that further provides details on the amended rules.

Dubai is often touted as the home of Web3 and several emerging technologies. Back in 2022, the crypto sector in Dubai fell under a set of new regulatory framework. At the time, the UAE had also established Virtual Asset Regulatory Authority (VARA) — which is an independent body to oversee the governance of the crypto space. This law, however, did not apply to the DIFC because the freezone has its own governing body.

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Dubai Onboards Solana as Blockchain Ecosystem Partner for DMCC Free Economic Zone

Dubai is accelerating efforts to upgrade the infrastructure needed to foster advanced Web3 ecosystem there. Dubai has chosen Solana Foundation to provide the blockchain infrastructure for its free economic zone, called the Dubai Multi Commodities Centre (DMCC). With this partnership, Dubai aims to help the members of the DMCC develop on blockchain and scale their business. As the G20 nations work on crafting a globally acceptable crypto framework, Europe and parts of the UAE like Abu Dhabi and Dubai have begun initiatives to establish themselves as crypto hubs.

Solana will now set up an operating space in DMCC’s crypto centre and initiate collaborations with existing 23,000 firms currently operating from the economic zone, which includes technology partners, exchanges, government entities, investors, incubators, and service providers.

With a market valuation of $8 billion (roughly Rs. 66,622 crore), the DMCC has called Solana one of the most prominent blockchains in the world. The blockchain is said to be ecofriendly and is often pitted in competition against Ethereum in-terms of its useability.

“We will provide complimentary set up and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC in an official statement.

The DMCC boasts that its economic zone is offering the largest concentration of crypto, blockchain, and Web3 businesses across the Middle East and North Africa (MENA) region.

“We look forward to working with members of the Crypto Centre to onboard them to our chain, as well as introducing our existing ecosystem to DMCC so they can also scale their operations,” said Dan Albert, Executive Director, Solana Foundation, commenting on the development.

In March this year, Dubai released rules around crypto-based activities and services for corporate firms to adhere to. The administration there is charging $27,000 (roughly Rs. 22 lakh) for crypto firms seeking operational permissions.

The world’s first hotel, designed after the symbol of Bitcoin, is also being constructed in Dubai professing support for the digital assets industry.

As for Solana, its parent firm Solana Labs is planning to let its users garner awareness and education-oriented content around cryptocurrencies, non-fungible tokens, and blockchain via a ChatGPT-like plugin.

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OKX Seeking Regulatory Approval to Operate in Dubai, Plans to Expand Middle East Operations

OKX, one of the world’s largest cryptocurrency exchanges, is seeking regulatory approval to operate in Dubai as it plans to expand the company’s Middle East operations, an executive told Reuters on Thursday.

Regulation is an industry trend, OKX Global Head of Government Relations Tim Byun said.

“We would like to get ahead of that curve and be regulated in a sound manner,” he said.

Earlier this month, the US Securities and Exchange Commission (SEC) sued Binance and Coinbase, another two of the largest crypto exchanges, for allegedly breaching its rules.

Byun said he believed the SEC’s move would push more applicants towards innovative regulators like Dubai’s Virtual Asset Regulatory Authority (VARA).

OKX plans to hire 30 staff, Byun said, after opening an office last month in the Dubai World Trade Center in the business and financial hub of the United Arab Emirates.

OKX Middle East said on Thursday it had received a preparatory licence from Dubai’s regulator, a first step towards securing an operating licence that would allow it to serve institutional clients and investors.

“If we expand Dubai to offer services in Saudi Arabia or Bahrain, to jurisdictions where there is no domestic framework required, then those domestic populations are actually getting a windfall benefit because we are regulated by an international regulator,” Byun said.

OKX is regulated in the Bahamas and currently does not allow customers from the United States to use its platform due to regulatory issues.

VARA was formed in March 2022 to regulate the emerging virtual asset sector in the emirate – excluding the Dubai International Financial Centre financial free zone — as the UAE pushes to become a global hub for the industry.

No firm has yet been licensed under VARA’s full market product (FMP) stage — which would permit the serving of retail clients, regulator information shows. OKX plans to apply for such a licence, Byun said.

“If territories are willing to come up with a balanced clear transparent approach, OKX would like to be regulated and licensed and operate in that jurisdiction,” Byun said.

© Thomson Reuters 2023

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Dubai Set to Host World’s First ‘Bitcoin Tower’, Developer Shares Intricate Details

Dubai, that in recent years has established itself as a modern infrastructural marvel, is set to host the first Bitcoin Tower in the world. Essentially, this Bitcoin Tower will be a hotel, with its shape inspired by the first cryptocurrency to ever exist. This architectural wonder will be loaded with a bunch of pro-blockchain and Web3-supportive services and offerings, with the aim of innovating and trying multiple use cases of these up-and-coming next-gen technologies.

With Artificial Intelligence (AI), this one-of-its-kind facility aims to eradicate the use of paper and other eco-concerning factors from its business operations by largely relying on the blockchain technology for day-to-day work.

Salvatore Leggiero, the real estate developer behind this Bitcoin Tower project in Dubai, shared details on the project along with visual glimpses of what it would be designed like, at the COP28 meeting that was held in Dubai on May 24, a report by Finbold noted.

As a tribute to Bitcoin from Dubai, this property is set to be as tall as 40 floors, keeping in alignment with Dubai’s typical architectural style that includes the world’s tallest building, the Burj Khalifa.

The Bitcoin Tower will also have non-fungible tokens (NFTs) playing an integral part in internal rewards and transaction systems. The in-house NFTs associated with the Bitcoin Tower will be bundled with utility values.

If the guests choose to stake cryptocurrencies with the hotel, they would be able to redeem their rewards and pay for their accommodations as well.

Simone Micheli, an internationally renowned architect, has also been approached by Leggiero to streamline the design for this Bitcoin Tower.

This unique, upcoming property in Dubai just adds another pro-crypto feather on UAE’s hat.

Dubai itself, for instance, is accelerating efforts to become a hotspot for crypto and Web3 communities.

In March this year, the city released a set of new regulations that would be mandated to be adhered to by crypto firms looking to operate from Dubai. The Emirate has also decided to levy an annual supervision fee of around $55,000 (roughly Rs. 45 lakh) that crypto firms will have to cover if they wish to bag a licence in Dubai.

Last year, Dubai created a special regulatory unit called the Virtual Assets Regulatory Authority (VARA) to oversee crypto-related businesses there.

As part of its Financial Infrastructure Transformation Programme (FIT), the financial authorities of the UAE have begun working on developing the required technical and cyber security support for its blockchain-based e-currency.

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Xpeng X2 ‘Flying Car’ Completes First Public Flight Ahead of Planned Launch in International Markets

A “flying car” built by Chinese electronic vehicle maker Xpeng made its first public flight in the United Arab Emirates, as the company works towards launching the electric aircraft on international markets. The X2 is a two-seater electric vertical take-off and landing (eVTOL) aircraft that is lifted by eight propellers – two at each corner of the vehicle.

Monday’s unmanned, 90-minute test flight in Dubai was described by its manufacturer as an “important base for the next generation of flying cars.”

“We are making step-by-step (moves) to the international market,” said Minguan Qiu, general manager of Xpeng Aeroht. “First we selected Dubai city because Dubai is the most innovative city in the world.”

According to a report) by Khaleej Times, Chinese technology and electric vehicle manufacturer Xpeng tested the world’s first flying electric taxi earlier this week. The autonomous two-seater flying car reportedly has a maximum takeoff weight of 760kg, a 560kg empty weight, and a 130kmph top flight speed. It has a 35-minute flight time and is made of premium carbon fibre and is fitted with an airframe parachute.

After taking off from Skydive Dubai, the X2 flying car completed its test flight, ushering in a new era of short-haul trips and intelligent mobility solutions.

The most recent version of flying cars is the futuristic electric vertical takeoff and landing vehicle (eVTOL), which has autonomous flight capabilities and an intelligent flight control system. The X2 is built for low-altitude cities and produces no carbon dioxide.

According to the report, flying cars could be available for commercial use in the next two to three years.

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Dubai’s Real Estate Player Damac Properties Adds Bitcoin, Ethereum as Payment Options

The crypto culture seems to be on an expansion in parts of the United Arab Emirates (UAE). In a latest development, Dubai-based real estate developer Damac Properties has decided to accept payments in the form of cryptocurrencies. Bitcoin and Ether, the top two cryptos in-terms of valuation, have been declared as accepted payment modes for property purchases. The company aims to be on the forefront of “revolutionising the future of real estate” while also adding more options of payments for customers.

“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry,” Ali Sajwani, general manager of operations at Damac and head of the organisation’s digital transformation initiatives said in a statement.

The announcement was also officially shared by the developers on Twitter.

Sajwani has urged other global businesses also to add crypto transactional modes to their services.

“It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting and we are glad to recognise the value this technology brings to our customers,” he noted.

Dubai, in recent times, has accelerated its speed heading towards establishing itself as a global crypto hub before others catch pace.

In March, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law for virtual assets while establishing an independent body to oversee the governance of the crypto space.

Soon after, a local school in Dubai announced that it is considering accepting Bitcoin and Ether as payments for tuition, making it the first school in the Middle East to do so.

Crypto companies like Binance, Bybit, and Crypto.Com have begun to set up shop in Dubai.

In December last year, the Dubai Media Office announced that the Dubai World Trade Centre (DWTC) will become a crypto zone for virtual assets – including digital assets, products, operators and exchanges

Relevant authorities are also working on enforcing rigorous standards for investor protection, anti-money laundering provisions, combating terror financing, ensuring compliance, and allowing cross border deal flow tracing in Dubai.

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