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This Is Why Dubai May Be The Center For Cryptocurrency Businesses

 

By Nerly Shammah Sep 12, 2022

 

 

Earlier this week, Palazzo Versace Dubai announced the acceptance of cryptocurrency payments for its services which include lodging, dining, spa times, and experiences. This is expected to bring about flexibility to the resort business grounds as more options are being presented to its guests.

 

Following the partnership with Binance, the largest cryptocurrency exchange by user base and volume, Palazzo will allow the guests of its luxury resort to pay for events, stays at the resort, and many more with cryptocurrencies like Bitcoin, Ethereum, and BNB.

 

Due to the widespread adoption of cryptocurrency and blockchain technology, several companies, states, and nations have made moves to support the growing system of powerful technologies.

 

Dubai is only just one on the list of supporters of this emerging technology, however, several events have drawn attention to the city ranging from the establishment of the Dubai Virtual Assets Regulatory Authority, which is a crypto law that will control crypto-centric operations in the city.

 

Interestingly, following a July release, Dubai launched a “metaverse strategy” to make the city accommodative to metaverse enthusiasts and also to make Dubai a top Metaverse economy. 

 

It aims to attract more than 1,000 blockchain companies, showing its support for more than 40,000 crypto jobs by the end of 2030. As proof of what the City is on to, the London-based crypto firm, blockchain.com recently signed an agreement to operate in Dubai.

 

Similarly, a Swiss-based blockchain company Crypto Valley Association will partner with Dubai’s Crypto Oasis to connect a growing group of blockchain communities in Switzerland and the Middle East primarily to improve collaboration for further growth and innovation in both regions. Reports say that Faisal Zaidi, Co-Founder of the Crypto Oasis will be the Chapter Lead for the Middle East. 

 

President of the Crypto Valley Association, Emi Lorincz expressed himself saying that he is thrilled to help accelerate the global growth of the Crypto Valley Association. He also added: “After opening our CVA Latin America Chapter, the Middle East, as a hub - with already 1000+ organizations - is the fitting next step for our expansion. We are delighted to partner with the digital economy in the Middle East with our focus on blockchain technology and we’re excited about this flourishing partnership with Crypto Oasis that will help us foster blockchain adoption at a global scale.“

 

Crypto and blockchain companies may begin to migrate to Dubai in the wake of its embracement of businesses in this ecosystem.