There are many stories of people become a crypto-millionaire thanks to cryptocurrencies with different paths and histories. Think of this teenager became a millionaire with her Beluga NFTs.
It seems that many bitcoin millionaires have decided to settle in Dubai. After the stars of reality TV and influencers, it is up to crypto-investors to take an interest in the city of all superlatives. But is this new migration explained solely by the flex culture and expensive lifestyle that crypto Dubai embodies to perfection?
Not sure…
Increasingly massive adoption of blockchain in Dubai
One of the most important elements to attract the attention of crypto-millionaires to Dubai is its massive deployment of blockchain technology. In recent years, the United Arab Emirates has established itself as one of the central hubs in the field of cryptocurrencies, in particular because it has adopted an ultra-favorable attitude towards companies operating in this sector.
Dubai has indeed been looking for several years new sources of economic growth. Particularly tourism, which has developed on a large scale. But also new technologies, including Big Data, artificial intelligence, and finally blockchain and the web 3...
In 2013, the United Arab Emirates launched the “Smart Dubai Project“, hoping to accelerate the adoption of blockchain technology within its own government. But also in order to promote blockchain as a payment tool and lever for innovation in the financial sector, and ultimately in all sectors of its economy.
In 2016, Dubai also created the Global Blockchain Committee, which currently has more than 30 members, including government entities, international companies and blockchain startups. Then, in April 2018, the Prime Minister of Dubai, Sheikh Mohammed, announced that the Dubai government would carry out half of its government activities using blockchain technology by 2021.
Additionally, in 2020, Dubai released the Blockchain Strategy 2020, placing renewed emphasis on building Dubai as the blockchain capital of the world. Thanks to its massive investments, it has achieved the eighth largest financial center in the world (its highest ranking). The same year, its Central Bank announced that it would issue its own digital currency, Govcoins.
How has Dubai managed to attract so many crypto companies?
Unlike many other countries, which continue to ban the trading of crypto assets, Dubai is also much more open. Of course, you will first have to show your credentials. One must be incorporated in the UAE, then be licensed by the Dubai Securities and Commodities Authority SCA and comply with UAE laws against money laundering and terrorist financing. But Dubai crypto offers a much warmer climate than many other destinations.
Another important symbol is that of the Dubai World Trade Center (DWTC). This will soon become 'The place to be” for companies that would like to establish themselves in the region.
Needless to say, there are a lot of them...
Last October, Dubai hosted le Future Blockchain Summit. A crypto event which, for 3 days, brought together the best developers, innovative companies and crypto investors. Among the participants, we could come across familiar names and faces, such as those of Binance, Hufu International and Bybit.
But crypto companies didn't just attend the summit. Many of them decided to stay a little longer. This is the case, for example, of several Chinese companies. The latter found Dubaiote under the sun much warmer legislation towards them… We can cite the example of Huobi Exchange, which recently set up one of its branches in Dubai. Or the exchange CoinW, which also publicly declared that it would establish a global operations center in Dubai.
At a time when countries are gradually implementing their regulatory policies on the crypto industry, affected businesses should look for a stable and friendly country to take root.
And Dubai is currently one of the best choices available to her.
It is of course far from being the only one... I was already talking to you, for example, about Georgia, and its attraction for crypto miners.
Dubai, its crypto-millionaires and dubious real estate investments
Dubai is also very interesting for crypto-millionaires who would like to secure their newly minted fortune in an asset class considered much less volatile. The rise of crypto has in fact strongly fueled demand in real estate. And according to the latest figures from Morgan's International Realty, residential property values in Dubai increased by 24% since 2020. Particularly following the adoption of increasingly favorable policies for businesses and investors in the field of blockchain.
Recently, the world was having a field day over the influx of Russian billionaires to Dubai following the invasion ofUkraine and the collapse of the ruble rate. But also because of the international sanctions taken against them, particularly in Europe. Here again, crypto Dubai stands out as one of the rare cities (and the United Arab Emirates one of the rare countries) where rich Russians are still welcome. And where they will have plenty of time to invest massively in real estate, after using crypto to transfer their funds.
On a completely different scale, in France, Osama Ammar and Yomi Denzel have also declared themselves interested in relocating to Dubai…. But that will surely be the subject of another article!
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The Future Blockchain Summit is a leading event for blockchain and crypto enthusiasts, bringing together global industry leaders, startups, and innovators. It highlights cutting-edge projects, engaging discussions, and networking opportunities across various sectors like finance, gaming, and governance, focusing on the future of blockchain technology.
For more information, visit the Future Blockchain Summit.