UAE’s Road To A Crypto Hub

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UAE is an advanced country in terms of their resources. It is literally a well oiled economy. The nation is preparing itself to become a crypto hub. The nation is showing a very progressive attitude towards the ever evolving crypto industry. As opportunities are opening up, a large number of crypto high profile individuals are migrating to UAE.

In September, the UAE Securities and Commissions Authority signed an agreement with the Dubai World Trade Centre Authority (DWTCA). Both parties agreed to support crypto assets trading.

Creating a supportive ecosystem

Dubai is on its own mission as the city expects over 1,000 cryptocurrency businesses to be operational by 2022. The free zones set up in Dubai and Abu Dhabi have even implemented policies and transparent frameworks to encourage innovation and entrepreneurship. As a result, the interest in cryptocurrencies and blockchain is growing exponentially.

Dubai hosted the world’s largest and first ever Crypto Expo, CED2021. ZebPay also participated in CED2021 to launch the latest product Global OTC Desk into the market!

UAE issues NFT stamps

To commemorate UAE’s 50th National Day, the postal operator is issuing NFT stamps! Emirates Postal Group (EPG) is now the first in the Middle East to do so.

The new stamps are launching tomorrow on the national holiday, December 2nd. The collection is a total of 4 stamps following a national theme. The stamps are sold as physical collectibles. These are interlinked to its digital counterpart on the blockchain network. Buyers must purchase the physical stamps. The buyer can activate the NFT by scanning the QR code on the card of the stamp.

This shows that NFTs are emerging on a macro level in their utility. In this way countries are going to explore its applications to become more digitally advanced.

Emirates Postal Group CEO, Abdulla Mohammed says that the group plans to launch more NFTs in the future. Additionally, this is the perfect effort to bridge the gap between traditional postage stamps and the digital world. It pleases the tech-savvy generation as well.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.