His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced that Dubai has become the largest licensed virtual assets market in the world. However, this milestone is a remarkable achievement.
Plus, the market has recorded transactions that exceed Dh2.5 trillion since the start of this year. The milestone is the rapid rise of Dubai as the global hub for digital asset innovation and blockchain. Hence, it solidifies its leadership in the future-driven digital economy.
A Vision Realized: The Rise of Dubai’s Virtual Assets Market
Sheikh Mohammed shared the landmark news on his official X (formerly Twitter) account. Plus, he highlighted the strategic foresight of the UAE in creating a regulated digital economy.
He wrote on X, “Three years ago, we made the decision to develop a new authority – Dubai Virtual Assets Regulatory Authority (VARA) under the supervision of Sheikh Maktoum bin Mohammed. Today, Dubai stands as the largest licensed market for virtual assets in the world, with transactions surpassing Dh2.5 trillion since the beginning of the year”.
The establishment of VARA in 2022 positioned Dubai as a trailblazer in digital finance regulation. Hence, it ensures transparency, investor protection, and innovation-driven growth.
A New Economic Sector Boosting the UAE’s Growth
According to Sheikh Mohammed, the creation of this fully regulated digital asset ecosystem shows the addition of a completely new economic sector to the national economy of the United Arab Emirates (UAE).
He wrote, “Thank you. Maktoum bin Mohammed. We are confident in the future of our national economy with you. “ Hence, he acknowledged the leadership of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Minister of Finance.
This recognition highlights the commitment of the UAE to building a diversified, resilient economy that embraces future technologies, like artificial intelligence and blockchain.
Dubai’s Role in Shaping the Global Virtual Asset Landscape
The leadership of Dubai in the Virtual assets is far beyond the regulation. Instead, it is a global model for responsible innovation and investor confidence. Plus, Dubai has attracted hundreds of licensed digital asset companies, including crypto exchanges, blockchain platforms, and fintech innovators, through VARA.
The approach of the emirate combines strong regulations with technological openness. Hence, it offers businesses a secure landscape to operate while keeping strict compliance standards.
This balance has made the emirate a preferred destination for the global virtual assets market. So, it boosts investor trust and generates billions in trade volume.
Future Prospects: Strengthening the UAE’s Digital Economy
This achievement is a big step towards boosting the digital economy’s contribution to the nation’s GDP, as Dubai continues to advance the UAE digital economy strategy. Moreover, the government of the UAE focuses on innovation-friendly policies, financial inclusion, and smart regulation has positioned the nation among the top digital economies of the world.
Dubai is set to play the leading role in defining the global standards for the virtual assets and blockchain regulation in the coming years, as the continued expansion of the VARA and growing global recognition.
Final words
The success of Dubai in surpassing Dh 2.5 trillion in the virtual assets transaction is more than a financial milestone. Plus, it is a symbol of visionary leadership, innovation, and trust. Moreover, it combines the strong governance with the forward-thinking policies.
Plus, Dubai has transformed into a global powerhouse for digital finance. In addition, the achievement reinforces the position of the UAE as the leader in the future economy and the digital world.
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