Sheikh Mohammad Bin Rashid Al Maktoum is the current ruler and designated Prime Minister of Dubai. Bin Rashid recently gained media attention due to his crypto-related policies in the region. The media postulates the idea that the new regulatory framework aims to make the international trade and commerce hub into a more cryptocurrency-friendly territory.
The PM of Dubai recently signed the virtual asset law that decrees the formation of an independent regulatory body to oversight cryptocurrency markets. The official government announcement on the matter clarified that the new regulatory agency would have the power to set up and issue trading authorization for different virtual assets and virtual tokens.
Binance Assists Dubai in Crypto Adoption
The crypto-friendly stance of the Dubai government does not come as a surprise for most stakeholders. The government was already working in tandem with Binance, the largest cryptocurrency exchange in the world, to this end last year. Binance assisted the state of Dubai to transform the World Trade Center of Dubai into a holistic crypto zone that paved the way for a smoother adoption of cryptocurrencies among the businesses in the region.
Since then, several cryptocurrency-related products have seen a massive growth spurt in the region. The sale and purchase of NFT have almost doubled in the region in comparison to other parts of the world. Dubai also transformed into an epicenter for hosting several popular NFT projects.
Crypto-Related Businesses are Rising in Dubai
Dubai has made a reputation for itself for setting financial trends in the global markets. To this end, several cryptocurrency businesses were seen taking form in the region since last year. A famous Dogecoin-based restaurant also popped up, attracting tourists from all parts of the world.
UAE PM claimed that the future would favor the ones who have the most suitable infrastructure to sustain the new financial world. It seems that UAE is also on board with the plans of the USA to impose stricter financial regulations on Russia. However, no such remarks have been issued by the government thus far. The new crypto regulatory agency of Dubai will also work on issuing risk reports, transaction monitoring, and price manipulation prevention.