The Finance World Magazine| Edition: March 2023

Dubai Leads the Way with New Crypto Regulations
for 2023
Dubai is taking the lead in
the world of cryptocurrency
with the announcement of
new regulations for 2023.
The Dubai Virtual Asset Regulatory
Authority (VARA) has released a set
of guidelines aimed at protecting
investors and promoting transparency
in the crypto market. The regulations
will cover key areas such as initial
coin offerings, virtual asset service
providers, and anti-money laundering
measures. With these cutting-edge
regulations, Dubai is positioning itself
as a hub for the cryptocurrency industry
and a safe destination for virtual assetrelated
activities. This move is expected
to attract investment, create new jobs
and drive innovation in the field of
blockchain and digital currencies.
Abu Dhabi’s Future Fund
Hunts for Cutting-Edge
Web3 Projects
Abu Dhabi’s Future Fund
is on the hunt for cuttingedge
Web3 projects to invest
in. The fund, established to
secure the emirate’s future economic
prosperity, is seeking innovative
start-ups and established companies
working in the decentralized web and
blockchain space. The fund’s interest
in Web3 technology is a reflection of
the growing recognition of its potential
to revolutionize the way to interact
and transact online. Web3 projects,
which prioritize user privacy and
security, align with the emirate’s vision
of creating a smart, sustainable, and
secure future. By investing in Web3,
the Future Fund is positioning Abu
Dhabi at the forefront of technological
innovation and positioning itself as a
hub for the digital economy.
Dubai Imposes Licensing for Crypto Firms and
Outlines Regulatory Guidelines
Dubai has taken a major
step towards regulating the
cryptocurrency industry
by mandating licensing for
crypto companies operating within
its jurisdiction. The new regulatory
requirements are aimed at protecting
investors and ensuring the stability of
the crypto market in the region. The
Dubai Rises to 2nd
Place as World’s Most
Crypto-Ready City
Dubai has been ranked as
the second-most cryptoready
city in the world,
according to a recent study.
This recognition highlights the city’s
efforts to embrace and support the
growth of the cryptocurrency industry.
The study evaluated factors such as
regulatory environment, adoption
rate, and infrastructure to determine
the level of crypto-readiness of cities
around the world. Dubai’s favorable
stance towards digital currencies,
investment in blockchain technology,
and establishment of a clear regulatory
framework all contributed to its high
ranking. This ranking will further
strengthen Dubai’s position as a hub
for fintech innovation and digital
transformation, attracting more
investment and talent to the city.
licensing process will include a thorough
review of a company’s operations
and compliance with anti-money laundering
and counter-terrorism financing
regulations. The city-state’s regulatory
framework will provide a level of transparency
and legitimacy to the crypto
industry, making it more appealing to
both local and international investors.
March 2023 www.thefinanceworld.com 63