KARACHI: Cryptocurrencies are gaining popularity the world over among both investors and governments. El Salvador made headlines for being the first country to accept Bitcoin as legal tender. While that may not be on the agenda for Dubai – or for some of the other countries just yet – the city is still racing ahead in the crypto and blockchain space.
Cryptocurrencies are not licensed by the UAE Central Bank. But even as regulators in countries like China come down hard on the likes of Bitcoin, Dubai’s watchdogs are leading a push toward acceptance of blockchain-based technologies – a blockchain stores information electronically in digital format and the tech plays a crucial role in cryptocurrency systems.
A number of cryptocurrency exchanges have been given permission to operate within the financial free zones in Dubai. The Dubai Multi Commodities Centre’s (DMCC) Crypto Centre was launched in May to promote blockchain technologies – it has on-boarded some 123 companies operating in the crypto space, with another 790 waiting to get licences.
The city expects more than 1,000 cryptocurrency businesses to be operational by the end of 2022.
“The UAE culture is one of open mindedness and willingness to diversify and that’s quite often resulted in it being at the forefront of supporting new technology,” James Bernard, regional representative for Europe at DMCC, told Business Recorder, adding that Dubai has been quick to understand the usage of blockchain.
“In the past few years,...
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