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Why Dubai is the epicenter for virtual assets and fintech innovation
As the world transitions into a new era of technological advancements, Dubai stands as a shining beacon of progress, leading the charge in virtual asset innovation and global compliance. With its forward-thinking approach to embracing and integrating new and emerging technologies, Dubai has become synonymous with groundbreaking developments.
Through strategic initiatives, Dubai fosters a regulatory environment that encourages innovation while adhering to global compliance standards as well as introducing new initiatives in compliance and governance.
The city's proactive approach is evidenced by the launch of the Dubai Blockchain Strategy in 2016 and the Dubai Metaverse Strategy in 2022, positioning Dubai as a global hub for the virtual asset industry. Through initiatives such as the Unified Business Registry Platform (UBR).
Dubai is at the forefront of adopting cryptocurrency projects that drive transformative growth. These initiatives are revolutionising key sectors, including real estate, governance, logistics, metaverse, and fintech, further solidifying Dubai's status as a leading destination for virtual asset development and deployment.
Introducing VARA
The Virtual Assets Regulatory Authority (VARA) is Dubai's exclusive regulator for virtual assets, distinguished as the world's first independent authority in this domain. With a mission to establish a replicable global framework, VARA promotes transparency, trust, and innovation in the virtual asset industry. By partnering with international experts, organisations, and local financial regulators, VARA mitigates risks and supports cross-border operations, fostering a secure environment for market adoption and expansion. The aim of VARA is:
- To strengthen Dubai's position as a regional and global hub for virtual assets and related services, fostering a competitive digital economy.
- Empower investors by increasing awareness of virtual asset services and products, and encourage innovation for substantial opportunities.
- Attract investments and businesses to Dubai by promoting the burgeoning virtual asset landscape.
- Encourage shared responsibility in devising effective, tailored regulations to protect investors and combat illicit activities in collaboration with relevant entities.
- Develop necessary regulations, rules, and standards for overseeing virtual asset platforms, service providers, and other virtual asset-related matters.
Movers and Shakers of FinTech
Fintech leader Creed&Bear has introduced its groundbreaking software that utilises both machine learning (ML) and artificial intelligence (AI) capabilties, revolutionising asset management by processing vast amounts of historical and unstructured data in real-time, offering unparalleled capabilities in trade execution and data analysis. The company's decision to expand into the MENA region reflects the growing global interest in AI and ML applications within the financial industry.
By joining the rapidly evolving fintech landscape in Dubai, Creed&Bear aims to contribute to the city's entrepreneurial ecosystem, which is supported by government financial institutions and receptive to technological advancements in digital assets and finance. As a result, the company is excited to tap into the diverse talent pool and collaborate with key players in the region.
The expansion of Creed&Bear into Dubai's thriving market exemplifies the city's appeal for innovation and growth. Creed&Bear’s software revolutionises asset management and reflects the growing global interest in AI and ML applications within the financial industry. As a part of Dubai's dynamic entrepreneurial ecosystem, Creed&Bear aims to contribute to the city's progress.
To stay up to date with all the latest FinTech happenings follow Creed&Bear on their social media: Twitter | LinkedIn | Medium
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