- The UAE Minister of State for Foreign Trade says crypto will play a major role in UAE trade.
- This comes as no surprise as the UAE has welcomed many Web3 projects so far.
- The nation even held multiple industry-related events over the last year alone.
The UAE has been ardent supporters of the blockchain and crypto revolution. In the last few years, the country has not only welcomed new Web3 and metaverse projects within its land, but it has also launched many of its own local Web3 ventures.
Recently, a quote from the UAE Minister of State for Foreign Trade has been circulating in the Twitter crypto space. The Minister is H.E Dr. Thani bin Ahmed Al Zeyoudi who says “Crypto will play a ‘major role’ for UAE trade”.
This comes as no surprise to blockchain, crypto, and Web3 companies within the UAE. After all, many Web3 projects moved their headquarters solely to the UAE to set up their offices to kick off their projects from Crypto Wall Street in Dubai, UAE.
The leaders of UAE have always been forward-thinking visionaries who are constantly looking to invite fintech innovations into its land. They are working to bring the future into the UAE in the present day. Visa even introduced a no-limit Bitcoin (BTC) Card in the UAE.
So far, Dubai World Trade Centre (DWTC) and Dubai Multi Commodities Centre (DMCC) have both welcomed numerous Web3 projects. This is because they work as free zones where a regulatory framework agreement with the UAE Securities and Commodities Authority is in place.
According to reports in December, 2022. UAE is recognized as a Crypto Oasis. Presently, the nation hosts over 1,650 blockchain firms. This accounts for over 8,300 individuals who are working for organisations in blockchain, crypto, Web3, and metaverse ecosystems all inside the UAE.
To highlight a few, UAE’s DAMAC properties has promised metaverse and NFT innovations. Just a couple of months ago. The Federal Decree of the UAE established a judicial authority. This regulator is now using blockchain technology to speed up commercial judgements.
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