Dubai’s Competitive Tech Advantage
The city of Dubai in the United Arab Emirates is offering a 90% subsidy on commercial licenses for artificial intelligence (AI) and web3 businesses. The tech hub called Dubai AI and Web 3.0 Campus announced the decision to attract companies to set up a base in the city.
The issuance of these licenses will be facilitated by the Dubai International Financial Centre (DIFC), a financial free zone within the city. Enterprises looking to take advantage of the subsidized commercial licenses offered by Dubai’s AI and Web3 Campus must complete a sign-up form.
Nomura’s Laser Digital’s Strategic Move in Dubai
Dubai’s efforts to foster growth in the technology sector extend beyond attracting talent. The city has also taken significant steps towards embracing the crypto industry by granting operational licenses to cryptocurrency exchanges.
Nomura’s crypto division, known as Laser Digital Middle East, recently secured an operating license from Dubai’s Virtual Asset Regulatory Authority.
This newly acquired virtual asset service provider license positions Laser Digital to offer a range of essential services within the emirate. These services include broker-dealer operations, as well as virtual asset management and investment services.
By granting operational licenses to crypto exchanges and fostering a supportive regulatory environment, Dubai showcases its forward-thinking approach and commitment to embracing the potential of virtual assets.
Understanding Dubai’s Growing Crypto Ecosystem
Dubai has seen a significant increase in the number of crypto startups choosing to establish their businesses in the city.
The Dubai Multi Commodities Centre (DMCC) recently reported that it registered around 3,000 new businesses in 2022, with 343 digital asset startups joining the Crypto Center. This growth indicates Dubai’s appeal as a favorable destination for crypto entrepreneurs.
To further support this burgeoning industry, the Dubai government established the Virtual Assets Regulatory Authority (VARA) in 2020 to oversee the regulation of crypto assets in the emirate. VARA provides a clear and stable regulatory framework, ensuring confidence for investors and businesses alike.
