One of the most prominent figures in the Middle East's industry is of the opinion that the United Arab Emirates is, in fact, the crypto capital of the world in terms of the value that is created there and the innovation that is taking place in the region.
Marwan Al Zarooni, President of the Dubai Blockchain Center, let Cointelegraph know that there are a ton of significant undertakings that have moved into the UAE environment devoted to improvement and advancement. Added he:
"The cryptographic money space, Web 3.0 and Metaverse[in the UAE]are blasting and all that the UAE and Dubai are making and creating is beginning to spread all over the planet."
Al Zarooni also praised the "amazing work" done by Abu Dhabi, the country's capital, to fund and incubate Web 3.0 projects, which made the country a hub for innovation and business growth. He also emphasized the following:
"When we talk about the negative connotation (which might come with it), we are not saying the UAE is the crypto capital of the world," rather, "it is the crypto capital of the world when it comes to innovation, development, and actual value creation."
Last month, Abu Dhabi's worldwide innovation center point, Hub71, uncovered an Internet 3.0 biological system to speed up the development of new companies in the area, alongside $2 billion in ventures. Web 3.0 startups will have access to all stakeholders, including venture capital firms, clients, technology providers, blockchain platforms, and the Abu Dhabi Global Market, through the initiative known as Hub71+ Digital Assets.
The Full Market Product (FMP) Regulations were issued in February by Dubai's Virtual Asset Regulatory Authority to provide Virtual Asset Service Providers (VASPs) in the emirate with additional direction.
A federal regulation of virtual assets and virtual asset service providers has also been issued by the UAE Cabinet, adding yet another layer of oversight to the country's virtual asset industry.
Al Zarooni said that regulations in the United Arab Emirates "move very quickly" and that the government always listens to the public when it makes new rules. He elaborated:
"We are rapt with attention, our authority in the UAE has trained us to be that way. We never instruct individuals, we let them know what we figure they ought to do and pay attention to what they need to say so we structure this speedy conversation bunch."
Al Zarouni also shared information about Dubai's unified licensing system, which he refers to as the global entry permit for businesses, regardless of whether or not they are registered in the Dubai Free Zone. He elaborated:
"The big idea for us is to create a really healthy system so that investors and exhibitors can be among the first people and businesses to be licensed in Dubai using something like a global license,"
Al Zarouni added that the brought together permit permits organizations to show their tasks and offers in Dubai, and empowers the public authority to "dispose of" unlawful, unlicensed or unregulated undertakings in the UAE.
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