- The 15th edition of Art Dubai will take place from March 11-13.
- Dubai even inaugurated the ultra-high-tech Museum of the Future last month.
By establishing a regulating and licensing organization, Dubai’s ruler aims to become a worldwide player in digital assets. HH Sheikh Mohammed Tweeted in Arabic regarding the development of the situation.
اعتمدنا اليوم في دبي أول قانون من نوعه لتنظيم الأصول الافتراضية Virtual Assets .. وأسسنا سلطة مستقلة للإشراف على تطوير أفضل بيئة أعمال في العالم للأصول الافتراضية تنظيماً وترخيصاً وحوكمةً واتساقاً مع الأنظمة المالية المحلية والعالمية .. pic.twitter.com/tqYEJdeuwh
— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022
After translation, the tweet read:
“Today in Dubai, we adopted the first law of its kind to regulate virtual assets. We established an independent authority to oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems.”
The country of the United Arab Emirates is made up of seven emirates, one of which is Dubai (UAE). Abu Dhabi, another emirate with high ambitions to become a center for the cryptocurrency industry, has also been on its toe. According to a statement issued yesterday from the UAE’s Securities and Commodities Authority (SCA), a regulatory framework for digital assets was underway.
Rapid Surge in Digital Assets Expansion
There has also been a recent surge in the growth of the crypto and blockchain industries across the board. It is a claim to fame for Dubai that it is the “city of future.” It even inaugurated the ultra-high-tech Museum of the Future last month, where tourists may time travel to the year 2071 and explore space using immersive technology. In addition, the Dubai Expo, a six-month exhibition of innovative ideas from 192 nations, will close on March 31.
In this context, the 15th edition of Art Dubai will take place from March 11-13 in Madinat Jumeirah, too, which aims to innovate. The fair’s new Art Dubai Digital area takes advantage of the growing popularity of NFTs in the art market. After Binance announced in December that it had inked a collaboration agreement with the Dubai World Trade Center Authority (DWTCA), seeking to develop an international virtual asset ecosystem, the latest updates followed.
