Dubai Chambers New Formation to Widen the Crypto Adoption

Dubai Chambers New Formation to Widen the Crypto Adoption
  • D2A2’s main goal is to boost transparency through data and market intelligence.
  • The organization will give digital asset businesses a space to unify their voices.

Dubai Chamber of Digital Economy has announced the formation of the Dubai Digital Assets Business Group (D2A2), which aims to strengthen the role of the digital asset industry in the economic development of the United Arab Emirates and the wider Middle East region, as well as, improve the infrastructure for digital businesses, and support the expansion of digital companies in Dubai.

Co-founder of the XinFin XDC Network ($XDC) Atul khekade, was part of the Dubai Chamber of Digital Economy forming. StorX Network a decentralized cloud storage network, a Plugin that secures scalable blockchain-agnostic decentralized oracle, and Dimo finance, a one-stop solution, which offers community growth, and securing finances, also joined with D2A2.

Chairman of D2A2, Gaurang Desai, said; 

We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets. That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by cooperating with counterpart organizations across the world.

Dubai’s Steps Towards Cryptocurrency Adoption:

The government said in a statement that the Dubai Digital Assets Business Group would  promote the digital asset industry by assisting the development of digital asset firms in the UAE,  including cross-border collaboration with increasing transparency and market intelligence data.

The establishment of D2A2 was highlighted as a strategic move in line with the goals of the Dubai Chamber of Digital Economy, which is to accelerate the growth of Dubai’s digital economy, by his excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence.

The UAE has recently shown that it is eager to embrace the digital economy, mainly the market for digital assets. Thereby, Crown Prince of Dubai Sheikh Hamdan bin Mohammed Al Maktoum announced a new Metaverse Strategy, which intends to add $4 billion to the emirate’s economy over the next five years and create 40,000 employment. 

Furthermore, earlier this year, Dubai established the Virtual Assets Regulatory Authority (VARA) intending to regulate the industry. It is in the authority of issuing licenses for businesses dealing in digital assets to operate in the emirate.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.