Dubai and Swiss Crypto Associations Team up to Foster Growth
- Dubai is becoming one of the most active crypto spots and is attracting foreign crypto firms.
- Dubai’s approach to crypto regulation is more of a form of supervision than a control of the industry.
Switzerland-based Crypto Valley Association has partnered with Dubai’s Crypto Oasis to advance blockchain adoption in their respective regions. Switzerland and the Middle East have one of the fastest growing crypto markets, and both platforms will work hand-in-hand to play leading roles in their respective countries. Additionally, the Swiss and UAE enterprises have also agreed to share information as part of their partnership.
Furthermore, the CVA-led effort in Dubai, which has more than 1,100 UAE-based firms collaborating in its expanding ecosystem, will be directed by Crypto Oasis co-founder Faisal Zaidi. In a statement from the announcement, Zaidi emphasized Dubai’s attempts to imitate Zug’s embrace and support of blockchain-based enterprises, products, and services. He said,
This alliance will connect a fragmented blockchain world by connecting Switzerland, which is at the forefront of disruptive technology, with the Middle East, which is all set to become the new hub for crypto and blockchain.
The announcement also claims that CVA has invited the Dubai International Financial Centre to Zug to find blockchain companies that might relocate to support the UAE’s expanding blockchain ecosystem.
This would not be the first time CVA has struck a partnership to expand its influence to other growing zones. In July this year, the Switzerland-based association launched a Latin American chapter to capitalize on the region’s developing blockchain and cryptocurrency industries.
Crypto activities have soared in Dubai since the region announced the creation of the Virtual Asset Regulatory Authority (VARA), which grants licenses to crypto operations. As a result, foreign projects are flocking to Dubai to take shelter in its crypto-friendliness.
Dubai, known for its innovation, is determined to become a crypto hub as the world gradually shifts to a digital era. The Ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, outlined plans to focus the emirate on Web3 and other emerging technologies.
Residents in Dubai are already braced up for a crypto-based economy. According to reports, some local organizations already accept crypto as a payment method. In addition, more projects will undoubtedly move to the emirates to join its crypto evolution.