Stuart Isted, General Manager, Middle East and Africa of Crypto.com praised the role of the new investment platform Investopia and believes it will consolidate Dubai’s position as an “extraordinary hub” for innovation in the new Internet age in an exclusive mode drafted for tahawultech.com
More than two decades ago, a very specific type of metropolis was being built in Dubai, designed to attract and house the largest IT and technology companies in the world that would benefit from a leading economic free zone.
Internet City was a massive physical symbol that the region was going “all in” on the “dot-com boom”. Even when that bubble burst in 2000 and many others died out, Dubai hasn’t wavered in its long-term investment commitment. It is that kind of foresight in political thinking that will lead the UAE to become one of the strongest environments for the new era of Internet development: Web3.
When I moved to Dubai 18 years ago, the first thing that struck me was how easy it was to move. It wasn’t just that infrastructure that attracted some of the best and brightest talent in the world – it was clear that the UAE was simplifying the way we did business through a supportive regulatory environment and innovation. And those same benefits are still offered today.
Looking at the UAE in 2022, whether you are in film, technology, media or finance, there is strong support and investment for global industries. But what strikes me most is that the region has truly recognized the potential of virtual assets, cryptocurrency and, more generally, blockchain technology.
There is already a deep understanding of the revolutionary impact this will have on the financial services industry, and that includes welcoming and partnering with companies like Crypto.com to enhance the region’s growth when it comes to Web3 innovation and, more. specifically, encourage the adoption of cryptocurrency.
The Middle East has been very vocal about its intentions to become a crypto hub. All you have to do is look at the statements from the highest levels of government, the recent blockchain innovation strategy defined by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and the fact that the various regulators are extremely forward thinking.
Now that companies are drawn to the potential, we have definitely entered the stage where government and regulators are eagerly working to facilitate growth. Take, for example, the recent announcement of the NextGenFDI initiative by the UAE Ministry of Economy.
The goal is to offer faster incorporation processes and simplified mass visa issuance, among other benefits, in order to convince 300 global technology companies, data scientists, software developers and programmers to relocate to the UAE.
Likewise, a platform like Investopia also offers support for innovation and encourages companies like ours to have a vital voice in shaping regulatory discussions and industrial thinking in the region. Becoming a founding partner of Investopia has been important to us because we share similar visions of how virtual assets and blockchain technology will transform the global economy and their importance for the development of new economic sectors in the future.
We are truly only at the tip of the iceberg when it comes to accelerating vital developments in our industry and this partnership allows Crypto.com to collaborate on significant projects that will spur this advancement in the region.
But why is the UAE making business so easy for those in the digital space?
There is a lot of good that can come from blockchain technology. We are not just talking about smart contracts and about enabling businesses and banks to have a more transparent set of operations.
This amazing distributed ledger technology can also have a positive impact on things like food safety, food safety, and education. Blockchain will change lives and the UAE has identified the benefits of adopting this flexible technology and metaverse concepts in everyday life.
This speaks to the heart of our mission at Crypto.com, which is to put cryptocurrency in every wallet. The more people are immersed in the metaverse and interact with it, the more encouraging it is for us as a company.
For this reason, and many more, we are committed to playing our role in the growth of the digital ecosystem in the UAE. This will be done through our strong relationship with various regulators and the Central Bank, but also through private partnerships, community engagement and education.
We were extremely proud to secure our interim VARA license earlier this year and see this as the first in a series of important steps to expand our presence in the region. Dubai will also become our regional headquarters for the Middle East and Africa.
Our next goals in the UAE revolve around launching our world-class suite of products to as many people as possible, starting with our institutional and qualified investor clients. We look forward to further collaborating with local and regional associations to expand the use of blockchain and crypto technology and, more specifically, we are aligned and will continue to support key government initiatives seeking to increase our industry’s talent pool. .
Through our work in the region, we know that the UAE recognizes and respects our core values of trust, security, compliance and governance. We also strongly support and promote collaboration in the fight against key risks, such as money laundering and financial crime.
So whether it’s VARA in Dubai, the Central Bank of the UAE or the ADGM in Abu Dhabi, they see us as a trustworthy organization that has the right credentials and capabilities to help support their innovation goals. For us, this privileged role entails responsibility.
We need to make sure we have the right material to carry out multi-lane education for our current and future clients, whether they are beginners or experts in our space, while also extending it to our institutional clients. We want to empower UAE citizens to have a confident understanding of how to use our products and buy, sell and hold cryptocurrency.
We also know the importance of sustainability in our industry, something that is also the center of attention in the UAE. Over the past year we have engaged with policy makers in the region and beyond, as well as with other partners, to advance our carbon strategy and be part of the solution to climate change. One such solution that resonates with us and aligns with our ethics of technology and innovation is about carbon capture; which is also relevant to the region given its geography and commitment to sustainability.
Our company’s ambition is to become an integrated and accepted participant in daily business activities in the UAE and we strive to support the role future payment methods play in a rapidly developing society. With a history and track record of leveraging innovation and supporting business growth, it appears the UAE will be one of the first markets where this ambition is played out in real world scenarios.
And, as has happened in the past, where the UAE leads, others in the Middle East region take advantage and follow.