Dubai is making efforts to become a blockchain and cryptocurrency hub and its smart city plans play a major role in it. The city offers an inviting business environment with numerous initiatives such as DMCC Crypto Center, Virtual Assets Regulation Authority (VARA) and the launch of its own cryptocurrency called emCash. The region has really attracted global entrepreneurs due to its supportive, innovative, and quick-to-adapt environment which made it the second most crypto-ready city in the world.

MaskEX is a prominent company making strides in the region’s crypto ecosystem with its complete set of financial services. It offers an app for users tailored to novice and professional traders with security and privacy features such as 2FA and unlimited address creation while having its own MSB financial license. These services have enabled its users to access services of decentralized finance and copy, margin, spot, USDT-M, and COIN-M trading.

Dubai is aiming to ensure efficient and seamless delivery of services to its citizens while focusing on the secure and transparent transactions with the use of blockchain technology. The widespread adoption of digital assets has made mainstream entities like Emirates Airlines and a grocery delivery service YallaMarket to accept crypto payments.

Apart from this, Chainalysis revealed in its 2022 report that MENA users received $566 billion in cryptocurrency from July 2021 and June 2022, which is a 48% rise from the $272 billion crypto inflow found in the year prior. The government and related organisations have further launched initiatives like the Ras Al Khaimah (RAK) Digital Asset Oasis. This is a free zone for digital and virtual assets companies with progressive financial policies.

It is clear that, as we move into a future powered by blockchain and cryptocurrency, Dubai’s crypto space is set to flourish and possibly become a major industry leader in the global technological landscape.



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