The recently announced introduction of Dubai’s Metaverse Strategy establishes the city as a worldwide innovator, delivering the most developed and linked ecosystem in the world, allowing the metaverse community to flourish in a stimulating and enabling setting.
The action solidifies Dubai’s position as the world’s epicentre for cutting-edge technologies, particularly Web3 and artificial intelligence (AI). A number of well-known names in the Web3 industry, including cryptocurrency platforms, blockchain firms, and tokenization companies, have drawn their operations to Dubai due to its progressive regulatory environment and top-notch technological infrastructure that cater to the changing needs of international players.
Over a thousand businesses related to blockchain and the metaverse already call Dubai home. The sector’s present $500 million contribution to the UAE economy is expected to rise dramatically as the city draws new participants.
By 2030, the Dubai Metaverse Strategy wants to provide more than 40,000 virtual occupations and bring in $4 billion for Dubai.
With the introduction of a Higher Committee for Future Technology and Digital Economy, headed by His Highness the Crown Prince of Dubai, the emirate announced that it is moving forward with its metaverse agenda. Consolidating Dubai’s position as a hub of the global digital economy is the Committee’s main goal.
Dubai’s metaverse leadership
The only country in the world to have the forethought to create a specific virtual assets regulator is Dubai.
The establishment of the VARA and the approval of Dubai’s Virtual Assets Law (VAL) in March of this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, established Dubai’s position as the industry leader.
Now, policymakers are intentionally concentrating on developing a healthy ecosystem for cutting-edge new technologies that will be crucial in the future. Global players are currently adopting Dubai’s regulatory model because there isn’t yet a well-established global framework for the embryonic virtual assets industry.
A prominent centre for new-age businesses, including large multinationals, unicorns, and startups, Dubai has quickly developed due to its continuously changing ecology.
Dubai is dedicated to promoting economic freedom in the metaverse and empowering all of its stakeholders, including users, creators of new technologies, decision-makers in the market, and providers of services for virtual assets.
The DWTC will become a complete zone and regulator for virtual assets and cryptocurrency, including digital assets, goods, operators, and exchanges, as part of the Dubai government’s attempts to develop new economic sectors.
Now that Dubai is home to a sizable community of cutting-edge entrepreneurs influencing the direction of finance, it has set out on a new quest to conquer the frontier of the digital economy. It will continue to hold the title as the world’s Web3 capital thanks to investments in infrastructure and continued technological breakthroughs.
