Dubai has long been recognized as a pioneering city in terms of innovation and technological advancement. The city’s smart city infrastructure is designed to employ cutting-edge technology to build an eco-friendly and user-friendly urban environment. One of the essential aspects of this vision is the integration of blockchain and cryptocurrencies into the city’s existing technological framework.
Dubai has been making sustained efforts over the past decade to establish itself as a global hub for cryptocurrencies and blockchain technology. The city has implemented several initiatives to attract crypto businesses, such as the DMCC Crypto Center, which provides assistance and resources for crypto entrepreneurs and start-ups. Recently, it teamed up with Digital Wave Finance (DWF) Labs, a web3 investment firm, to launch a new $5m growth platform for blockchain businesses.
In addition, the establishment of the Virtual Assets Regulation Authority (VARA) has created a comprehensive and clear regulatory framework for digital assets. As a result, several significant crypto players have set up shop in the city.
Dubai’s smart city vision is centered around the efficient use of resources and seamless service delivery to its residents. Blockchain is a perfect fit for this vision due to its decentralized foundation, secure and transparent transaction capabilities. The city has already launched its own cryptocurrency, emCash, which can be used for everyday transactions within the city, along with an accompanying app called DubaiPay.
