Dubai on crypto news

Dubai has been making significant strides in the world of cryptocurrency and blockchain technology. Here are some recent news and updates:

1. Dubai's Virtual Assets Regulatory Authority (VARA): In 2020, Dubai established VARA, a regulatory body responsible for overseeing the virtual assets sector, including cryptocurrencies, initial coin offerings (ICOs), and security tokens.
2. Crypto-friendly regulations: Dubai has introduced regulations that are considered crypto-friendly, allowing for the establishment of cryptocurrency exchanges, wallets, and other related businesses.
3. Dubai International Financial Centre (DIFC): The DIFC, a financial hub in Dubai, has launched a blockchain-based platform for trade finance, allowing for the secure and efficient transfer of funds.
4. Cryptocurrency exchanges: Several cryptocurrency exchanges have set up shop in Dubai, including BitOasis, Bitstamp, and Kraken.
5. Blockchain innovation: Dubai has been actively promoting blockchain innovation, with the Dubai Future Accelerators program, which aims to accelerate the development of blockchain-based solutions.
6. Dubai's blockchain strategy: In 2016, Dubai launched its blockchain strategy, which aims to make the city a global hub for blockchain technology and innovation.
7. Cryptocurrency adoption: Dubai has been actively promoting the adoption of cryptocurrencies, with the Dubai Police Force accepting Bitcoin payments for some services.
8. Dubai's cryptocurrency market: The Dubai cryptocurrency market has been growing rapidly, with the value of cryptocurrency transactions in the emirate reaching AED 1.3 billion (approximately USD 350 million) in 2020.
9. Cryptocurrency education: Dubai has been investing in cryptocurrency education, with the Dubai Blockchain Council launching a blockchain and cryptocurrency education program for students.
10. Dubai's cryptocurrency infrastructure: Dubai has been building its cryptocurrency infrastructure, with the launch of a cryptocurrency trading platform and a blockchain-based payment system.

Some recent news articles and updates on Dubai's crypto scene include:

• Dubai's VARA issues first license to cryptocurrency exchange: In February 2023, VARA issued its first license to a cryptocurrency exchange, marking a significant milestone in Dubai's efforts to regulate the virtual assets sector. (Source: Arabian Business)
• Dubai's blockchain-based trade finance platform goes live: In January 2023, the DIFC's blockchain-based trade finance platform went live, allowing for the secure and efficient transfer of funds. (Source: The Trade Finance Times)
• Dubai's cryptocurrency market grows 50% in 2022: In January 2023, it was reported that Dubai's cryptocurrency market grew by 50% in 2022, with the value of cryptocurrency transactions reaching AED 2.5 billion (approximately USD 680 million). (Source: Gulf News)

These are just a few examples of the many exciting developments in Dubai's crypto scene. As the city continues to evolve and grow, it will be interesting to see how it shapes the future of cryptocurrency and blockchain technology.