Original author: Bright, Foresight News
On March 12, 2025, Binance announced that it had received a $2 billion investment from Abu Dhabi investment institution MGX. This largest institutional investment since the birth of the crypto industry sent a strong signal to the outside world that the Middle East, especially the UAE, is ambitiously building the Jerusalem of cryptocurrency.
Token 2049 Dubai is coming soon. Let’s follow me to take a look at this encrypted palm island.
1. Digital Mecca between two oceans and three continents: Dubai’s geopolitical code
A strategic hub in the desert
In the northeast corner of the Arabian Peninsula, the United Arab Emirates is like a pearl inlaid between the Persian Gulf and the Gulf of Oman. This federation of seven emirates occupies a strategic point connecting the three continents of Europe, Asia and Africa. Dubai, the most dazzling city in this federation, has transformed from an inconspicuous desert fishing village to a global financial center in just 40 years.
This miraculous transformation is not accidental. The geopolitical latitude and longitude have long been foreshadowing. Controlling the Strait of Hormuz and overlooking the lifeline of global energy, Dubai is not only the heart of the petrodollar, but also the crossroads of bulk trade between the East and the West. In 2023, the UAE surpassed the UK to become the worlds second largest gold trading center, with a total trade volume of more than US$129 billion. According to data from the Dubai Multi Commodities Center (DMCC), Dubai already accounts for 15% of the worlds annual gold trade.
Dubais geopolitical strategy has always been centered on no position is a position. As a member of the Gulf Cooperation Council (GCC), the UAE remains neutral in regional games, abides by European and American sanctions against Russia, and absorbs safe-haven funds caused by the Russian-Ukrainian conflict, boosting the real estate boom at the end of 2022. This all-inclusive diplomacy has made Dubai a haven for wealth and a secret trading place. After the reconciliation between Iran and Saudi Arabia in 2023, Dubais status as a thoroughfare has become more solid.
Dubais Web3 geopolitics is also reflected in the siphoning effect of its relaxed regulatory environment on global talents. After the Monetary Authority of Singapore announced a severe crackdown on crypto speculation in September 2023, Chinese practitioners began to turn their attention to Dubai. Practitioners admitted: Singapore is good for finance, but not for projects, and VCs cant afford it. You still have to come to Dubai to do projects. The Indian government imposed a high tax rate of 30% on crypto income from April 2022, and in July of the same year, it imposed an additional 1% tax on buyers of electronic assets. Polygon co-founder Sandeep Nailwal is a typical case. He had no choice but to leave India in 2020 and settled in Dubai. He said frankly: I hope to build a better Web3 platform in India, but the chaotic regulatory environment leaves me no choice.
Starting from Dubai, with the help of Emirates, the worlds largest airline, cryptocurrency practitioners can easily fly to other Web3 centers such as Singapore, Switzerland, Portugal, Hong Kong, and North America for meetings, weaving a Web3 route network. This geographical advantage makes Dubai the digital Mecca for global Web3 talents and capital.
Residents of Crypto Hot Land
As of September 2024, the UAE population is 12.5 million, of which 88% are expatriates. Dubai has a population of 3.76 million, accounting for 41.9% of the country, and its population density is eight times that of the country. According to research by the UAE Telecommunications Regulatory Agency TDRA, about 11.4% of residents own or invest in cryptocurrencies, making the UAE one of the top ten countries in the world with the most crypto-investing residents.
Crypto users in Dubai are young and have high incomes. According to a YouGov survey, 66% of UAE adults pay attention to cryptocurrencies, and 11.4% of residents hold or invest in them, ranking among the top ten in the world. Holborn Assets research shows that users aged 18-30 (30%) and 30-40 (45%) are dominant, and UAE locals (33%) are more enthusiastic about investing than Arab expatriates (23%), Asian residents (24%) and Westerners (19%). 59% of users regard cryptocurrencies as long-term investments, 35% for portfolio diversification, 11% for hedging inflation, 34% for short-term transactions, and 22% for daily payments. Bitcoin (72%) is known as digital gold, Ethereum (52%) is favored for its smart contract function, and stablecoins (45%) are second. 24% of users are interested in infrastructure projects, 21% invest in Layer 1 blockchain, and 22% are optimistic about AI-related crypto projects. The usage rates of CEX (45.7%) and DEX (48.4%) are similar. Business 24-7 rankings show that eToro is popular among beginners, OKX leads in derivative liquidity, Binance has the most complete token types, and dydx and Uniswap are at the top of the DEX trading volume. 37% of users believe that blockchain will revolutionize real estate transactions, and transparency will reduce purchase friction.
Dubai is also a melting pot of diverse cultures. Even if they dont speak the language, foreigners can live a worry-free life here and even start a business with the popularity of UnionPay cards and the rapid development of FinTech. Cryptocurrency is already available in many scenarios in Dubai, from high-end hotels to street shops. The penetration of this payment method has further consolidated Dubai residents confidence in Web3. However, Dubais population structure is also quite unique. According to statistics from the Dubai Government Office, more than 80% of Dubais population are foreign workers, mainly of Indian and Pakistani descent, with a very low proportion of locals, who mostly rely on state welfare. Such a population structure makes Dubais Web3 ecosystem more like a global testing ground rather than a locally driven market.
Dubais immigration policy further reinforces its money first nature. Non-Muslims can hardly become naturalized, and can only obtain long-term residence through a golden visa at most. For example, investing 2 million dirhams (about 540,000 US dollars) in purchasing real estate can be exchanged for ten-year residency, resulting in the emergence of visa units designed for investors on Palm Island-25 square meters of apartments are even equipped with Bitcoin mining machines. In 2023, a retired teacher in Shanghai used his pension to purchase two toilets in the Jumeirah Lakes Towers, jokingly calling it a toilet mine, and live-broadcasting Appreciation Record in the WeChat group. The latest episode discusses how to mine with toilet tanks. This absurd case reflects Dubais extreme tolerance of capital: as long as you have money, there is always a place for you here.
2. Crypto Revelation in the Post-Oil Era: Dubais Philosophy of Future Civilization
DIFC, which adheres to the law of the sea, and its beacon VARA
In the Wild West of cryptocurrency, Dubai has chosen a bold and innovative path. The UAEs legal system is based on civil law and Islamic law, focusing on statutory law and religious compliance, and is widely used in personal status laws (such as marriage, divorce, inheritance) and business activities, which is relatively conservative in Islam.
In order to promote the development of the financial industry and attract international investment, Dubai established the Dubai International Financial Center (DIFC) in 2004 and introduced the maritime law system based on English common law. This additional legal framework allows Dubai to create an international and flexible legal environment suitable for the development of financial technology, blockchain and digital assets.
The Virtual Asset Regulatory Authority (VARA), established in 2022, is a leading creation under DIFCs unique legal system. It is the worlds first comprehensive virtual asset regulator. It not only formulates rules, but also plays the role of a catalyst for innovation. Through the sandbox regulation model, VARA has found the golden section between compliance and freedom.
VARA’s threefold mission is clear:
Investor protection: requiring exchanges to custody customer assets and strictly implement anti-money laundering (AML) and know your customer (KYC) processes;
Technology neutrality: No preset technology route is set, allowing blockchain, Web3, DeFi and other forms to coexist;
Innovation incentives: Setting up regulatory sandboxes to allow start-ups to test new products in a controlled environment.
Unlike the securitization regulation of the US SEC, VARA is more flexible in its classification of crypto assets. Bitcoin can be considered a commodity, and platform coins can be considered securities, depending on the project white paper and actual use. This flexibility has attracted leading exchanges such as Binance, Coinbase, and Bybit to settle down. At the same time, DIFC supports the sandbox testing model, allowing new financial products to be tested in a controlled environment. For example, in 2024, DIFC launched the worlds first Digital Assets Law, taking the lead in injecting legal certainty into fintech and digital assets.
VARAs license issuance efficiency can be called Dubai speed. There is a joke that Dubais cryptocurrency license is easier to get than a taxi license, and the slogan In Crypto We Trust has already secretly noted the price. However, objectively speaking, as an industry insider said during Token 2049: Compared with Singapore and Hong Kong, Dubais regulation is more friendly and can better reach C-end users. This relaxed regulatory environment has made Dubai increasingly the first choice for crypto projects. Even street vendors selling shawarma have QR codes that say accept USDT, as if the entire city is having a decentralized barbecue party.
Islamic Compliant Crypto Ecosystem
The Islamic financial system takes the Quran and Hadith as its core principles, emphasizing the prohibition of interest (Riba), risk sharing (Mudarabah/Musharaka) and asset-backed financing. The combination of its unique religious attributes and modern financial practices is quite complex, and once compliance is insufficient, it may trigger a systemic crisis.
Dubais regulatory innovation is not only reflected in the technical level, but also deeply rooted in cultural adaptability. In 2023, VARA cooperated with the Islamic Financial Services Board (IFSB) to release the Crypto Asset Islamic Compliance Guidelines, which injected a unique religious background into the crypto ecosystem. The guide clearly states:
· It is prohibited to invest in blockchain projects involving gambling, alcohol and other prohibited substances;
Stablecoins must be backed by Islamic compliant assets (such as gold, real estate);
Smart contracts must comply with the principle of “freedom of contract” in Islamic law.
This dual compliance configuration of religion + technology makes Dubai a bridgehead for cryptocurrencies in the Islamic world. Traditional Islamic finance prohibits interest (Riba) and uncertainty (Gharar), and emphasizes risk sharing, while the decentralization and smart contract characteristics of cryptocurrencies match this. As early as 2018, Dubai Islamic Bank (DIB) launched a compliant crypto custody service, defining Bitcoin as digital gold, cleverly circumventing the interest taboo. The Islamic DeFi platform Amanah is based on the Polygon chain and provides pledge and lending services that comply with Sharia law, with an annualized yield of about 3.5%, attracting wealthy people in the Middle East. This tension and integration constitutes the unique charm of the Middle Eastern crypto ecosystem.
The resonant blueprint of AI and Web3
Dubais ambitions go far beyond this. In 2024, DIFC launched the Dubai AI Web 3.0 Campus to create the largest artificial intelligence cluster in the Middle East and North Africa. This campus, located in the DIFC Innovation One building, focuses on the application of AI and Web3 in key industries in the future and brings together many entrepreneurs and engineers. Thanks to this, Dubai ranked sixth in the fintech field of the 2021 Global Financial Centers Index (GFCI) and eighth overall. Unlike traditional financial centers such as New York, London, and Shanghai, Dubais rise relies heavily on the boost of the crypto economy.
As early as 2013, the UAE launched the Smart Dubai Plan to use blockchain to improve government efficiency and promote its evolution from payment tools (1.0) to financial applications (2.0) and then to government administration (3.0). Today, this vision has begun to take shape. The 2030 Digital Economy Strategy released in 2021 proposed to build Dubai into a global blockchain center and create $150 billion in economic value. In 2023, Dubai further launched the Metaverse Strategy with the goal of becoming the capital of the virtual world. This transformation from oil economy to digital civilization stems from a deep insight into the post-oil era. As the Dubai ruler said, No one will remember the worlds second. In the Web3 track, Dubai vows to be number one.
A new global money laundering hub?
However, Dubai’s advanced regulatory policies have naturally spawned a lot of controversy. The nicknames of “global money laundering center” and “virtual asset liquidity optimization hub” are all doubts about its legitimacy. The boundary between innovation and fraud is not clear in this city without a stance.
The sheikhs of the United Arab Emirates are the worlds largest hedge fund managers. While they are selling underground oil, they are also piling up new-generation oil wells on the ground with shiny gold and dollars - the illusion of wealth in skyscrapers, and eventually injecting the credit card bills brought by the endless flow of people into the new oil pipeline.
Dubai provides illusions for all visitors. The rich flock in with their stolen money, which can be easily laundered through real estate and investment. In 2024, the UAE attracted the largest number of millionaires with a net worth of US$1 million in the world, far exceeding the United States. For those who dream of getting rich quickly with bare hands, the number of electric batons and iron cages in fraud parks such as Ras Al Khaimah and Oasis is still increasing.
The Metaverse Strategy announced by the Crown Prince of Dubai in 2023 further demonstrates Dubais ability to turn illusions into cash. From mirages in the desert to NFT transactions to virtual land in government buildings, Dubai has always been at the forefront of the intersection of reality and fiction. When you talk about money with the sheikhs, the sheikhs will pat you on the shoulder and assure you that we dont care about money, we only care about dreams because the casinos always belong to them. Whether its oil or Bitcoin, global gold diggers will eventually bow down to the Burj Khalifa.
3. Palm Island’s Cyber Front: Dubai’s Crypto Industry Ecosystem
Dubais Web3 ecosystem is like a man-made miracle on the Palm Island, a cyber oasis watered by code, capital and ambition. From the USDT QR code at the street shawarma stall to the Bitcoin payment at the Burj Al Arab, this city has integrated cryptocurrency into the capillaries of life, creating a digital front that blends the virtual and the real.
Dubai fever for top exchanges: desert destination for global giants
Just as the Ottoman Empire cut off the trade route and gave birth to the Age of Exploration, the global regulatory storm pushed Dubai to the hotbed of Web3. In November 2022, Binance obtained the Financial Services License (FSP) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), which became a milestone in its layout of the Middle East and North Africa (MENA) market. In 2025, Binance received another $2 billion in investment from Abu Dhabi MGX. This huge investment, led by Tahnoun bin Zayed Al Nahyan, a core member of the royal family, is not only a turning point in the development history of Binance, but also marks a deep bet of UAE capital on Web3. MGX is affiliated with the Abu Dhabi Artificial Intelligence Committee (AIATC). It has previously invested in OpenAI and Anthropic, demonstrating its cross-border ambitions from AI to blockchain.
Other leading players are coming one after another. Bybit, Coinbase, OKX, HTX and others have successively established headquarters or branches in Dubai. In October 2024, OKX obtained the Virtual Asset Regulatory Authority (VARA) license and became the latest compliant exchange. In 2020, Ripple established a regional headquarters in the Dubai International Financial Center (DIFC) to circumvent the regulatory pressure of the US SEC and cooperated with the Emirates National Bank (ENBD) to shorten the cross-border remittance time from the Middle East to Southeast Asia from 3 days to 3 seconds, demonstrating the practical value of blockchain. In 2022, Kraken became the first exchange to provide direct trading of UAE dirhams, lowering the entry threshold for local users. Asset management institutions such as Cobo and Amber have also accelerated their layout, applying for SCA and VARA licenses since 2020, targeting the wealth management needs of the MENA market.
Dubai is not the largest crypto market in the Middle East - Saudi Arabia ranks third with a larger population and trading volume, and the UAE ranks fifth. But Dubai has become the regional front desk with its regulatory clarity and infrastructure advantages. In 2023, the Bitget report showed that the adoption rate of crypto in the Middle East surged by 166%, with the UAE leading with 7% of global trading volume and $25 billion in trading volume. Chainalysis data further pointed out that Dubais crypto industry contributes about 100 billion dirhams (US$27.25 billion) in output value, accounting for 4.3% of the UAEs GDP. As of 2024, Dubai has gathered more than 1,400 blockchain start-ups with a total valuation of US$24.5 billion, and more than 90 investment funds and 12 incubators have formed a closed-loop ecosystem. The Crypto Centre of the Dubai Multi Commodity Center (DMCC) has registered 460 local blockchain companies, accounting for more than half of the city. Switzerlands Crypto Valley has also set up Crypto Oasis here to connect the two major crypto centers.
Token 2049 and Industry Summit: The Victoria’s Secret Fashion Show in the Crypto Circle
Token 2049 Dubai is a weathervane for the global Web3 industry, bringing together exchange executives, on-chain developers, venture capitalists, and policymakers. During the 2024 summit, a fleet of Lamborghinis was parked outside the Burj Al Arab, Russian models distributed flyers in bikinis with the exchange logo, and the Korean GameFi project threw fragmented NFTs at the pool party, like a Victorias Secret show in the crypto circle. Inside the venue, VARA officials and Binance CEO Zhao Changpeng shared the stage to discuss the future of regulatory sandboxes and CBDCs; outside the venue, the DJ at the Palm Island nightclub used smart contracts to distribute ticket revenue in real time, and the on-chain transparency was amazing. The summit is not only a feast of technology and capital, but also a microcosm of Dubais nesting to attract phoenixes strategy.
Dubais summit craze goes far beyond this. At the Gitex Technology Show in October 2023, the Blockchain and Metaverse Pavilion attracted practitioners from Asia Token 2049 to showcase cutting-edge projects from decentralized identity authentication to AI-driven DeFi protocols. The Dubai FinTech Summit in May 2024 welcomed more than 10,000 decision makers, more than 300 thought leaders and more than 200 exhibitors, focusing on the payment revolution and on-chain finance. The 2023 Middle East Metaverse Conference brought together 300 experts from more than 40 organizations to discuss the strategic application of virtual real estate and cultural digitization. These summits are not only a stage for technology display, but also a tentacles for Dubai to connect to the global Web3 network.
Dubais activities also demonstrated its language and cultural advantages. The fluent English and global vision of UAE officials shined at events such as Gitex. In contrast, some Chinese Web3 project parties had difficulty expressing themselves in English. A Binance executive was once criticized for his accent at an event, highlighting Dubais high requirements for international communication. DIFCs FinTech Hive incubator and Dubai Future District Fund (invested 1 billion dirhams by the sheikh in 2020) accurately capture innovative projects through summits and roadshows, and incubate 584 startups in 2023, covering payments, on-chain finance and metaverse applications.
Dubai’s unique crypto applications and scenarios: digital life from the streets to the cloud
Payment Revolution: From Shawarma to Luxury Homes, On-Chain Transactions
Dubais payment ecosystem integrates cryptocurrency into daily life. In the aquarium of Dubai Mall, sharks swim, Bitcoin candlestick charts jump on the screen, and there are more crypto ATMs next to it than public toilets. Street shawarma stalls hang USDT accepted QR codes, and tourists use the BitOasis platform to exchange dirhams and pay room fees at the seven-star Burj Al Arab. In 2023, Cartier and Rolex stores began to support USDT settlement, and high-end consumption scenarios were further chained. Citizens School became the first school in the Middle East to accept Bitcoin and Ethereum tuition fees. Parents joked that using ETH to pay tuition, children learn Web3 thinking.
Real estate is the highlight of crypto payments. In 2023, developers accepted Dogecoin for house purchases, and Kiklabb licensed organizations to support crypto payments. According to a YouGov survey, 40% of users believe that cryptocurrency is an efficient way to remit money across borders, 36% are willing to use crypto cards for shopping, and 20% are interested in crypto gifts. In 2019, the Rixos Premium Hotel installed Dubais first Bitcoin ATM, where tourists can directly insert cash to buy Bitcoin. In 2023, LucidPay launched a Tezos-based stablecoin, and some hospitals accepted Bitcoin donations. The transparency of blockchain payments reduces the trust cost in the charity field. In 2022, a black diamond was sold for $4.3 million in a crypto auction, and the buyer Richard Hert paid with Bitcoin, which sparked heated discussions.
The cooperation between Ripple and ENBD has improved the efficiency of cross-border remittances to seconds. According to data from 2023, 64% of Middle Eastern payment companies expect that more than half of merchants will accept crypto payments in the next three years. In 2024, the Deel platform report showed that Dubai employees cryptocurrency withdrawal rate ranked first in the Middle East, with Ethereum accounting for 51%, followed by USDC and Bitcoin. This payment ecosystem is not only a technological advancement, but also a strategic response by Dubai to the shadow of sanctions on the SWIFT system. The borderless nature of cryptocurrencies has become an alternative to the hegemony of the US dollar.
Blockchain Games and NFT: Starting from One Thousand and One Nights
The metaverse strategy is Dubais grand narrative. In 2022, Dubai Crown Prince Hamdan announced the five-year plan for the metaverse, aiming to become one of the top ten metaverse economies in the world, attract more than 1,000 companies, and create 40,000 virtual jobs. In 2023, Dubai Water and Electricity Company DEWA launched the DEWAverse metaverse platform, where customers can pay bills in virtual space and employees receive on-chain training. In 2024, BEDU launched Project 2117 at the Dubai Museum of the Future, planning to attract 100 million users to its metaverse ecosystem within ten years, covering education, art and social interaction.
VARA demonstrated the cyber foresight of regulators, purchasing virtual land in The Sandbox in 2022 and becoming the worlds first regulator of the Metaverse headquarters. In 2023, Wemade and Whampoa Digital launched a $100 million Web3 fund, focusing on the Metaverse and blockchain games. ResearchAndMarkets predicts that the Dubai NFT market will have a compound annual growth rate of 32.1% from 2022 to 2028.
The Dubai blockchain game ecosystem based on the Metaverse has become a new front for the UAEs cultural output. In 2024, the UAE built the Metaverse Game Valley to attract leading projects such as Axie Infinity and Decentraland. Sinbads Voyage NFT is based on One Thousand and One Nights. Players can buy virtual land and bind it to Dubai landmarks such as the Burj Khalifa. The land appreciation is linked to real real estate. In 2023, a virtual Palm Island plot was sold for 15 ETH. The Middle East e-sports league based on Polygon rewards players with cryptocurrency. In 2024, the champion of a Dubai e-sports competition received a 2 BTC bonus, and the live broadcast audience exceeded 5 million.
The cornerstone of ecology: policy support and infrastructure
Dubais crypto ecosystem benefits from the governments forward-looking policies. The Smart Dubai Plan in 2013 launched blockchain government applications, the Global Blockchain Committee was established in 2016, and in 2018 it promised to put 50% of government business on the chain by 2021. In 2022, VARA was established, using the test-adapt-expand model, covering giants such as Binance, OKX, and Huobi within half a year. In 2023, DIFC launched the Digital Assets Law to provide legal protection for on-chain finance. DMCCs Crypto Centre and Dubai Future Fund (established in 2016) have attracted 584 start-ups through tax breaks and incubation support, and issued more than 100,000 golden visas.
In terms of infrastructure, Dubais global network and logistics advantages are unmatched. Emirates Airlines connects to the global Web3 center, and Dubai Port ranks first in the Middle East in terms of throughput, supporting cross-border payments and hardware supply chains. In 2023, 772 crypto companies in Dubai provided jobs for practitioners, and PwC expects the MENA blockchain market to exceed US$3.2 billion in 2024. The Electronic Economy Branch under the Dubai Commerce and Trade Bureau (established in 1965) expands its user base through womens entrepreneurship projects and metaverse education.
Dubais crypto ecosystem is not only a testing ground for technology, but also a meeting point of capital and culture. From the streets to the cloud, this city rewrites One Thousand and One Nights with blockchain. Every token and every transaction is a cyber prophecy of the future.
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