As Dubai looks to strengthen its digital sector, the Dubai Chamber of Digital Economy announced the formation of the D2A2. In order to expand new verticals in cryptocurrencies, virtual assets, Blockchain, and other decentralised technologies, D2A2 will work to engage digital businesses, policymakers, stakeholders, and regulators.
The Government of Dubai is committed to creating a rich niche in the Emirate’s economic development for the digital asset industry. D2A2 will help enhance business infrastructure to support the growth of virtual assets by engaging regulators in a structured dialogue. The group’s main goal is to address challenges faced by companies in the digital space and increase confidence in the regulatory framework.
Gaurang Desai of Equiti Group is the Chairman, Crypto Oasis Founder, Ralf Glabischnig, is the Secretary General of D2A2 supported by a number of stalwarts from the crypto industry. Both the visionaries expect D2A2 to be critical in ensuring Dubai can become the global capital of the digital economy. D2A2 will also provide strategic market research to enrich the Blockchain Ecosystem with the right information.
It will bring together industry professionals with extensive knowledge in the area of Ecosystem management, development, consultancy, and management services, and help promote standards and increase awareness about the industry. All while ensuring principles of accountability, integrity, and transparency that distributed ledger technology is known for.
What is the business need for D2A2?
The digital asset industry, still nascent, is growing and changing by the second. For an industry this dynamic, there is a need for rules and regulations to keep up with this rapid growth and be similarly versatile and dynamic in nature. As we enter the fourth industrial revolution and the internet of value and the metaverse become household technologies, it was mandatory to provide a platform for the authorities and the industry to converge, interact, engage, exchange ideas and help each other in making Dubai the global epicentre for digital assets.
D2A2 currently has 25 founding members, including exchanges, consultancy, law firms, management services firms, traditional finance firms, Blockchains, tokenization identities, NFT platforms, incubator hubs and financial services entities. This diverse, yet like-minded group plans to invite more members, so that engagement with regulators can provide guidance and support for the wider industry.
Dubai’s Blockchain and digital asset industry will reinforce its commitment to educate the general public and develop tools to improve their access to the latest in technology. In the environmentally conscious world of today, D2A2 will also focus on energy management to ensure energy-intensive technologies are powered sustainably.
The primary task of bringing together industry professionals and policymakers is to ensure regulatory certainty while bolstering transparency through market intelligence and data. This will not only make Dubai a more worthwhile choice for investors and startups but also help foster cross-border collaboration and further disruption.
Does Dubai have what it takes to be the global Crypto Capital?
The founders of D2A2 believe and rightly so, that Dubai is a gold mine for digital assets. It is already a regional hub and with D2A2 creating a bridge to integrate the digital asset industry into the world economy, global tech dominance is a realistic goal. Dubai has long been appealing to venture capital firms and investors because of the tax-free regime and the firm regulatory direction. The launch of the Dubai Metaverse Strategy has put Dubai at the forefront of the Blockchain revolution and ensures its mandate to be a global leader in this space.
The Dubai Metaverse Strategy will add $4 billion to the city’s economy and place Dubai among an elite list of cities that welcome Blockchain innovation in a regulated environment. Dubai has the infrastructure and the vision to be the new Wall Street for the crypto world.
We are headed towards a future where crypto and Blockchain are integral parts of our day-to-day lives, changing the fundamentals of finance especially. The market peaked at $3 trillion last year and will soon be worth $ 10 trillion.
The UAE is a forward-looking nation and believes in being a step ahead to make its mark, especially in such a specialised area, so it can truly contribute to and advance the global digital economy.
While there is a learning curve and a long way to go, Dubai is definitely on the right track to crypto supremacy. D2A2 welcomes students and young entrepreneurs while giving them a platform for talent development and networking.
The market will take a while to mature but with D2A2 advancing Dubai’s ambitions by supporting just the right amount of policing, we will be able to protect investors and the integrity of the market. The objective is to have balanced regulations that have bankruptcy laws and prevent identity fraud.
D2A2 will help Dubai grow and learn, especially as many big names from the industry look to call it home. From Crypto.com, to Binance, to Kraken, these multimillion-dollar exchanges have chosen Dubai as their preferred destination. It is the city’s regulatory agility that will ensure Dubai is a sustainable digital asset hub and become a true crypto city.
Dubai’s Virtual Asset Regulatory Authority (VARA) has made much progress and it currently makes Dubai one of the top progressive jurisdictions in the Blockchain industry.
What makes Dubai the best crypto destination is the economic infrastructure. There have been initiatives in the naturalization and visa departments, a robust telecommunication network and it is home to the most connected airline in the world: Emirates. Dubai is an investor’s dream, startup haven, and venture capitalists’ utopia.
To become a global leader, D2A2 will help attract global talent and technology and work according to global standards to ensure there are no barriers to innovation.
While boosting Dubai’s technological backbone is the major aspiration of D2A2, it is also focused on the greater good and shall be working to make Dubai a hub that others can come to learn from.