Crypto-hub Dubai To Add US$4 Billion In Its Economy In The Next Five Years

• Dubai aims to generate 40,000 virtual jobs in the next five years. 

• Recently, the city launched the Dubai Metaverse Strategy.

• Dubai currently is home to over 1,000 metaverse and blockchain- related firms. 

Dubai has some big ambitions for the city’s economy in five years. In the next five year, the city plans to generate 40,000 virtual jobs and add US$4 billion to the city’s economy. It aims to be in the top 10 cities in the metaverse economy around the globe. 

Crown Prince Sheikh Hamdan bin Mohammed informed through the latest tweet that the reason behind the launch of the Dubai Metaverse Strategy. On Monday, Prince shared the recent launch was aimed at encouraging innovation in new technology. Currently, the emirati state caters to more than 1,000 blockchain and metaverse-related firms. The prince revealed the firm is contributing to approx. US$500 million to the national economy. 

Bin Mohammed says the new strategy involves taking the number of cryptocurrencies industry around five-time. Further goals of Dubai include building applications and use-cases for its government. In addition training young individuals for the industry through education and training. Cryptocurrency exchanges are attracted towards Dubai due to its favorable regulatory environment and rapid approvals for licenses.

A senior banking official in an exclusive interview said that Dubai has adopted a top-down approach for devising cryptocurrency policy. Dubai has become the go-to-site for crypto firms. 

Recently came the news that the co-founders of Wazir X have shifted to Dubai as per some reports. For the uninitiated, Wazir X is an Indian exchange blacked by Binance. The United Arab Emirates also caters Crypto.com and Bybit. First FTX received a license after which Binace too got the approval. 

Meanwhile after surviving through one of the disastrous crypto winters, the crypto market seems to be reviving. The top cryptocurrency was trading at $22,642.80, 4.57% down in the 24 hour. While, the top altcoin cryptocurrency stood at $1,489.45.