The city of Dubai is providing commercial licenses for web3 and artificial intelligence (AI) enterprises at a 90% discount.
Campus wants to attract companies, with the Dubai International Financial Centre assisting in awarding these licenses. Interested businesses must fill out an application.
Dubai is also encouraging growth in tech by granting operating licenses to Bitcoin exchanges. Laser Digital Middle East received a license from the Virtual Asset Regulatory Authority, allowing services like broker-dealing and virtual asset management.
This move allows Laser Digital to operate legally and securely within Dubai’s regulations, showcasing the city’s forward-thinking stance in the crypto industry.
Dubai’s proactive approach positions it as a major player in the digital asset sector, attracting businesses and fostering innovation. The cryptocurrency entrepreneur community in the city is growing rapidly, with nearly 3,000 new businesses expected to register in 2022.
The Dubai Multi Commodities Centre reveals that 343 of these will join the Crypto Center, highlighting Dubai’s popularity among cryptocurrency enthusiasts.
The city established the Virtual Assets Regulatory Authority (VARA) to regulate digital assets in 2020. VARA’s clear regulatory framework provides confidence to investors and company owners in the cryptocurrency industry.
