The United Arab Emirates (UAE) is emerging as one of the world’s most crypto-friendly regimes as it launches programs to assist local crypto development and regulation.
Even the Dubai World Trade Center (DWTC), a government-owned event and exposition site in Dubai, has declared that it would become a complete zone and regulator of cryptocurrencies, operators, and exchanges.
Another project based out of Dubai, Last Hopium, is an NFT drop aimed to use blockchain technology to bridge digital asset holder, to big hotels like Ritz, Hilton and Waldorf.
The plan is to keep up with Dubai’s ongoing efforts to assist crypto development. Both Dubai and the UAE try to benefit the local economy from blockchain technology, non-fungible tokens (NFTs), and cryptocurrencies.
This plan to adopt blockchain and crypto is not just restricted to improving government services. With over 100 million worldwide blockchain wallets containing over $400 billion in liquid assets, the UAE has long attempted to entice blockchain and crypto into its economy.
Binance Joining Hands with Dubai World Trade Center
Binance, the world’s largest cryptocurrency trading platform, is among the first crypto exchanges to join the Dubai World Trade Center Authority’s new crypto center (DWTCA).
The company has publicly stated that it has signed a memorandum of understanding with the DWTCA for the opening of a whole crypto zone in Dubai.
The crypto giant is set to assist the DWTCA in describing the objective of accelerating the establishment of a new industrial hub for global virtual assets as part of its participation in the effort. Its goal is to contribute to Dubai’s aim to create a new international digital asset ecosystem to allow long-term economic growth through digital innovation.
Ultimately, Binance believes that joining hands with Dubai would benefit the global economy. With its high level of expertise working with global authorities to help develop virtual asset regulation, it aims to make UAE the crypto and blockchain heaven.
NFT Adoption Rising in the UAE
NFTs have taken the world by storm, and the trend has now expanded into the UAE. According to a study conducted by Finder.com, the percentage of persons in the United Arab Emirates who hold non-fungible tokens (NFT) is more than double the global average. Furthermore, thousands of dollars are being poured into creating NFTs to bring widespread acceptance.
Moreover, Dubai Culture is presenting its inaugural NFT art show, which will feature 50 unique pieces by famous UAE artists. The authority has partnered with Morrow Collective, an NFT curatorial platform, to stage a tangible exhibition of the artworks at Al Safa Art and Design Library. The show, titled 50/50 (to commemorate the UAE’s 50th anniversary), will feature the works by popular artists like Khalid Al Banna, Alia Al Gaoud, Dalal Ahmed, Marwan Shakarchi, and Gigi Gorlova.
Beyond that, a new project based out of the UAE called the “Last Hopium.” It will be a unique collection of 10,000 NFTs with real-world applications and features focused on rewarding the holders of the NFTs.
The owners of these Last Hopium NFTs will get exclusive offers and discounts on 5-star hotels worldwide. The benefits of NFTs are obvious, and the entry of large hotel name brands like the Ritz, Hilton, and Waldorf into the NFT landscape speaks a great deal about the strengthening crypto ecosystem in the UAE, which will send ripples throughout the rest of the world.
Leading the Way for Innovations
The UAE has set the standard for other nations regarding blockchain and crypto adoption and accessibility. Similarly, the desire to keep the UAE at the forefront of global digital change appears to be greater than ever. With government support, easy access to capital, and a population prepared to adapt to change, the construction of several blockchain ecosystems in the UAE has become increasingly possible in the next few years.
The UAE is leading the way for other nations with its adoption of blockchain and crypto and this atmosphere would prove to be conducive for ground-breaking digital innovation, which is only expected to grow in strength. As a result, it would be clear why the UAE will continue to lead the global race for positive digital disruption.