When authorities in the UAE announced that the Dubai World Trade Center will be a hub of crypto regulations and innovations, it immediately caught the attention of the global crypto community. Dubai is known as the most cosmopolitan city in the middle east and is miles ahead of adjacent jurisdictions in terms of development and innovation. The jurisdiction of Dubai is also known for being crypto-friendly, and the country of UAE is exploring opportunities in the space to supplement its oil income. Kokila Alagh is the founder of Karm Legal Consultants and is one of the most influential legal experts in the crypto and blockchain space. She believes that Dubai will lead global cryptocurrency innovations in the coming years and will be one of the most important crypto hubs in the world.
Dubai has set up multiple blocks for crypto innovation. Many areas in the city have dedicated spaces for blockchain and crypto startups. One such space is named Crypto Oasis. Here, over 130 blockchain companies work in tandem. The crypto-friendly jurisdiction of Dubai makes it possible to bring all these companies under the same roof without worrying about legal repercussions.
As a result of its policies, Alagh predicts an influx of crypto entrepreneurs in the country. For Dubai, that would mean additional pressure on resources and real estate. However, the revenues generated from crypto products and services will more than make up for it. As it stands now, Dubai is on its way to becoming a global crypto hub.