Dubai is seeking to establish the Emirate as the first city to be fully powered by blockchain by 2020,with crypto technology smack in the middle of it.
What has already come out from the first Future Blockchain Summit in Dubai is setting the stage for a full on adoption of crypto technology in the UAE, starting 2018.
Minister of State for Artificial Intelligence Omar bin Sultan Al Olama, delivered a keynote address on the UAE Blockchain Strategy 2021 saying the UAE government stands to save $3bn in economic returns and 389 million in government documents alone per year, from blockchain technology.
‘’Today, Artificial Intelligence (AI) and blockchain are two of the most powerful technologies that are revolutionizing the pace of innovation in the UAE. We believe that AI will be a strong ally for blockchain and will play a pivotal role in the UAE Blockchain Strategy 2021,” he added.
Let’s take a look at some of ideas already in place.
Crypto for celebrities
Tahawul tech, an industy site, reported the Global Crypto Offering Exchange (GCOX) signing a memorandum of understanding (MOU) with Bin Zayed International, in an agreement aimed at paving way for the launch of UAE’s first fully-licensed celebrity tokens crypto exchange.
“As the world’s first celebrity crypto tokens exchange, GCOX enables celebrities to create, list and trade their personal crypto tokens on its very own blockchain called Acclaim,” said Tahawul tech.
“The organisation aims to bridge the gap between an entertainment industry valued today at $2.2 trillion and over $6 billion by 2025, and the burgeoning blockchain crypto market, leveraging the technology to revolutionise and redefine popularity.”
On the popularity side, GCOX has already attracted a number of private placement investors, including the Philippines’ international boxing superstar and senator Manny Pacquiao, former England football superstar Michael Owen, who is also a member of the GCOX advisory board, Lim How Teck, the Chairman of Heliconia Capital, the investment arm of Singapore’s Temasek Holdings, as well as billionaire and 1999 Singapore Businessman of the Year, Tommie Goh.
Arab coin is dubbed “The Crypto-Token For Our New Economy” by a partnership of the private office of Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum.
ArabCoin is a digital token or crypto-currency which will be issued by DUCCX, a fully licensed crypto-commodities trader in Dubai.
ArabCoin is a new, independent, decentralized, open source cryptocurrency dedicated to support the Arab world and the Islamic Finance community and to represent the Arab world as a new global player in the disruptive world of cryptocurrencies, according the crypto site.
Like any other crypto-currency ArabCoin is a peer-to-peer internet currency which allows for direct payments among its users without a middleman like banks or clearing-houses.
Blockchain commercial registry project
The Department of Economic Development (DED) in Dubai and Dubai Silicon Oasis Authority (DSOA) have unveiled a joint blockchain project that was developed in collaboration with Smart Dubai and IBM to improve ease of doing business in Dubai and facilitate foreign direct investments.
The Dubai Blockchain Corporate Registry Project is a collaborative effort will streamline the process of setting up and operating a business, roll out digital exchange of trade licenses and related documentation for all business activities, and ensure regulatory compliance across Dubai’s business ecosystem, said a joint statement.
“The Blockchain Corporate Registry provides a template for collaboration between government departments, government-related entities and the private sector to reinforce Dubai as a hub for business expansion and entrepreneurship,” said Sami Al Qamzi, Director General of DED.
Dr. Aisha Bin BIshr, Director General, Smart Dubai, said: “Having 100% of all applicable Dubai government transactions run on Blockchain is the first pillar of the Dubai Blockchain Strategy. We are working on over 20 more use cases with several entities across the city, and hope to launch these later this year.”
Tightening regulatory side
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) on Monday published a consultation paper setting out its proposed framework to regulate spot crypto asset activities, including exchanges, custodians and other intermediaries.
The FSRA said it is proposing a fit-for-purpose regulatory framework that effectively addresses the full range of risks associated with crypto asset activities.
For crypto asset exchanges, it will entail proper regulation as market infrastructures addressing key risks including anti-money-laundering and counter-terrorist financing, consumer protection, technology governance and safe custody.