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Dubai Metaverse Strategy: Promoting Blockchain

Dubai’s Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum tweeted that the city launched the Dubai Metaverse strategy, aiming to encourage innovation and develop new technologies. “Dubai hosts over 1,000 companies operating in the metaverse and blockchain technology sectors. They bring $500 million to the national economy,” the prince’s Twitter account states.  

Dubai intends to increase the number of companies working in the field of metaverse and blockchain technology fivefold and aims to become one of the world’s top 10 metaverse economies and the leader in digital innovation. 

Also, Dubai plans include increasing the number of jobs in the virtual space by 40,000, developing global standards for secure and reliable platforms for users, creating infrastructure and rules to accelerate the adoption of new technologies and obtaining an additional $4 billion for the Dubai economy through the development of this area. 

Major companies in the city, including Emirates airline, real estate developer DAMAC Properties and medical company Thumbay, are already joining the Dubai Metaverse. They will develop their own initiatives in this space. 

Dubai has been active lately and is becoming a global crypto hub. Previously, a law to regulate cryptocurrencies was passed there. The document aims to position the city and the UAE as a regional and global destination for the virtual asset sector. Prior to that, in December 2021, it became known that the Dubai World Trade Center (DWTC) will become a specialized crypto zone and regulator of digital assets with the aim of creating a new sector in the UAE economy. And in May 2022, the Dubai Virtual Assets Regulatory Authority announced a plan to establish headquarters in The Sandbox metaverse. 

Many crypto companies, including OKX, Huobi, Crypto․com, Binance, and others, have begun to obtain license to conduct crypto activities in Dubai.

To learn more, please visit the official Twitter account of the Dubai’s Crown Prince.

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