What To Know
- Since June 2024, value of crypto transactions in the UAE is at $34 billion and is paving the way for Dubai to become a centre for crypto operations.
- A legal structure favored by the zone is the legal structure that we see local firms adjusting to the Dubai market making it ideal for firms from other country to enter into the market.
- This close link allows the companies to conveniently counteract any prevailing regulatory dilemmas or change directions in accordance with existing circumstances all the while securing Dubai’s status as one of the ideal locations for the crypto market.
Currently in the dynamic markets of Dubai crypto market titans are anchoring their presence in the free zones and sophisticated purpose built offices targeting the digital assets market. Since June 2024, value of crypto transactions in the UAE is at $34 billion and is paving the way for Dubai to become a centre for crypto operations. Dubai specifically turned out to be an ideal place for organizations such as Binance as the emirate has a tax-free environment and an advanced regulatory system.
Key Free Zones: DMCC and DIFC
There are over 600 crypto companies which are primarily located in the Dubai Multi Commodities Centre (DMCC). Located in a state-of-the-art, 81 storey building, the DMCC Crypto Centre provides opportunities for companies to engage in co-working stations, UAE visa, and specific crypto permits. The centre is filled with activity encompassing various startups and the traditional corporation firm.
To the north, the Dubai International Financial Centre (DIFC), specialised in finance, operates under English common law and is a familiar legal system for the international businesses. The DIFC is headquarters to financial giants like, Goldman Sachs and Crypto, related firms like Ripple and Crypto Oasis. A legal structure favored by the zone is the legal structure that we see local firms adjusting to the Dubai market making it ideal for firms from other country to enter into the market.
Binance and One Central
One Central, adjacent to Dubai’s Museum of the future, has become home to Binance and similar companies such as Bybit and Chainalysis. Located in the Marina district, Binance’s office has all the amenities and business-like environment needed; it is just a 15 minute walk away from the Virtual Assets Regulatory Authority (VARA). Formed in 2022, VARA is exclusive to digital asset regulation providing Binance and others a direct line of regulation.
Crypto Regulatory Edge of Dubai
This is therefore the case since VARA presence acts to complement Dubai in a manner that facilitates direct contact between the business and regulatory authorities. This close link allows the companies to conveniently counteract any prevailing regulatory dilemmas or change directions in accordance with existing circumstances all the while securing Dubai’s status as one of the ideal locations for the crypto market.
Related news:
Dubai Court Approves Crypto as Valid Salary Payment in Employment Contracts
Dubai to Host Crypto Content Creator Campus 2024, Tapping into $525bn Opportunity
Dubai Crypto Tower: A Hub for Blockchain Innovation and Luxury
Crypto Real Estate in Dubai: Pros and Cons of Buying Property with Digital Currency in 2025
