July 18, 2019

Dubai poised to be global bloackchain leader

“The Dubai Blockchain Strategy launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, aims to position Dubai as a leader in this global technology. Dubai is on course to become the first economy to operate its own cryptocurrency by the year 2020 and the Dubai Land Department is possibly the world's most advanced use of blockchain by any government entity,” Yusup said, speaking at the recent Global Blockchain Forum, held in Dubai, adding that the UAE is a rapidly developing tech economy and blockchain is at its core in both the public and the private sectors.

The Global Blockchain Council was established in Dubai with 46 leading members including government entities, international companies, top local banks and international tech firms including Microsoft and IBM.

Highlighting his expectation on when the UAE will regulate the ICO, Yusup said, “The UAE is a global financial center and ICOs are the most successful global financial instrument over the past two years. In 2017 token sales raised nearly $4 billion and this figure spiked to nearly $6 billion in the first quarter of 2018 alone. As a truly global financial instrument, the rules for regulating ICOs also need to be fully global. While the US has stricter rules than anywhere else, any ICO needs to follow global best practices on issues like Know Your Customer (KYC) and Anti-Money Laundering (AML). Regulators are rightly watchful on these questions.”

According to Yussup, the UAE market is an important one, because there is a strong appetite in the country to expand into the crypto sphere. Yussup estimates that WBF will attract an audience who together manage up to $100 billion in assets.

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