Dubai Chamber of Digital Economy revealed the formation of the Dubai Digital Assets Business Group (D2A2). The role of the group is to strengthen and promote the digital asset sector within the UAE and across the Middle East.
D2A2 will explore how to further improve the digital business infrastructure as well as growth of digital businesses in Dubai.
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, said that among the group’s goals is to ensure challenges that are faced by digital companies are addressed.
Omar Sultan Al Olama added that the group’s vision is to turn Dubai into the global capital of digital economy, a vision that is shared by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
D2A2 will provide strategic market research in the digital sector to policy makers, stakeholders, governments and the private sector. Digital economy is regarded as economy of the future.
Gaurang Desai, Chairman of D2A2, added: “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.
“We wish to welcome all experts in the industry to come and join D2A2, to help us spread the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards.”
Crypto Exchanges Rush to Dubai
Many cryptocurrency exchanges flocked to Dubai. OKX obtained a license under Virtual Assets Regulatory Authority (VARA) on 14 July 2022.
Huboi Global acquired a Minimal Viable Product (MVP) license under VARA. Komainu, a crypto custodian firm that is backed by Nomura received an approval to operate in UAE on 27 July.
FTX FZE (a subsidiary of FTX) obtained a license from VARA (MVP) on 29 July. FTX also obtained the the virtual asset exchange (VAX) under VARA.
CoinMENA, a crypto exchange
