In March 2022, the emirate of Dubai adopted a law to regulate and oversee crypto activities in the UAE. The law created the Dubai Virtual Assets Regulatory Authority (VARA), whose goal is to establish an environment that provides transparency and security for investors.
BitOasis was one of the earliest exchanges to apply for the new license required from the VARA.
If you want to buy Bitcoin, you need a way to store your investment. Storing your coins on an exchange wallet is risky because centralized exchanges are subject to hackers and theft.
Using a cold storage hardware wallet like the Coldcard or Trezor is the best way to keep your investment safe.
After you buy a wallet, choose one of the exchanges above that best suits your needs in terms of limits, fees, and privacy. From there, all you have to do is verify your identity, connect your payment method, and buy Bitcoin.
Despite retracing significantly since Bitcoin’s major run in late 2017, Bitcoin volume in Dubai on LocalBitcoins seems to be steady.
Dubai is an important economic center of the United Arab Emirates, not to mention its largest city and the focal point of advanced technologies.
Cryptocurrency has been met with friendly legislation when compared to the rest of the UAE. The less developed countries in the surrounding area buy their Bitcoin in Dubai due to hyperinflation in their home countries.
Bitcoin Ownership by UAE 2023
35% of the UAE owns crypto money. About 49% of them are “crypto curious” right now, meaning, not all of them have actively invested but think of it as a positive commodity and one that could be a future investment.
Crypto is not technically a legal tender yet, so people can’t make payments or deposits with it directly. Currency conversions must be made before making transactions.
If allowed, the UAE might eventually become more involved in Bitcoin, Ethereum, Tether or USD Coin. Some UAE people have made investments hoping for the best for the future, and there are websites that serve this country.
First Bitcoin Tower In Dubai
A developer in Dubai recently unveiled plans to construct the world’s first bitcoin (BTC) tower. With the unveiling scheduled for May 24th, the project aims to demonstrate the significance of digital assets and cryptocurrencies, coinciding with the upcoming COP28 meeting in Dubai.
the developer behind this venture, said the hotel will be the first of its kind, as per the Binance report. Designed in the style of bitcoin, the hotel developer plans to use cutting-edge technologies and sustainable materials, and it has a commitment to zero CO2 usage.
A Homage To The World’s First Cryptocurrency
In September 2021, El Salvador became the world’s first nation to officially adopt Bitcoin as a legal tender, its President Nayib Bukele had announced plans to create the world’s first ‘Bitcoin City’ during his speech at the Latin Bitcoin conference (LaBitConf) in November 2021.
And now, the President has taken another big step forward and shared the first glimpses of the ‘golden bitcoin city’ by tweeting about it yesterday!
But no, the city won’t be made up of golden metal, that is just the architect’s choice of colour for the scale model.
The actual city will be mostly green (trees) and blue (sea), the President tweeted. He also shared pictures of the airport and landmarks. El Salvador’s President said the Bitcoin city is coming along beautifully.
This tweet showing the teaser of the bitcoin city in progress comes a day after he mentioned that his country bought the dip amidst the crypto crash. El Salvador bought 500 coins at an average USD price of approximately $30,744, implying the country added another $15.5 million worth of crypto to its balance sheet.
BITCOIN future in UAE
The United Arab Emirates (UAE) is steadily establishing itself as the world’s largest Bitcoin (BTC) mining location. The UAE’s partnership with major mining firms and the digital assets of Abu Dhabi’s sovereign wealth fund have made it an emerging crypto-mining hub. Its partnership with different Bitcoin mining companies has further contributed to its appeal for Bitcoin mining. Furthermore, the UAE has 400 megawatts of Bitcoin mining capacity, which has been predicted to surpass 600 megawatts by the end of the year. Additionally, its abundance of energy resources makes it a suitable environment for Bitcoin mining.
Meanwhile, the world is also looking at Artificial Intelligence (AI), a disruptive technology, and InQubeta, the blockchain-based investment and fundraising platform for AI startups.
The United Arab Emirates’ (UAE) ambition to become a leading Bitcoin mining hub has not taken the spotlight away from artificial intelligence (AI) or InQubeta. AI is still a revolutionary technology, and InQubeta is benefiting from its soaring popularity and adoption as it offers an innovative solution to the sector.
The surging popularity of AI means InQubeta hasn’t been left out of the spotlight thanks to its unique fundamentals. InQubeta aims to become the first platform where AI startups can raise funds for their projects. Similarly, it also intends to become an investment platform that will allow AI enthusiasts to invest early in promising AI projects.
InQubeta’s unique idea has been met with great enthusiasm, which has contributed to its overwhelming presale. As of press time, InQubeta has passed $1.4 million in presale, which is an incredible feat and a testament to its strong community.
It is the world’s first AI crowdfunding platform, where AI startups will be able to raise funds through its NFT marketplace. They will achieve this by minting or tokenizing stakes in their startups and listing them as NFTs on the marketplace. Investors can then purchase these fractionalized NFTs and own stakes in promising AI businesses and projects. There will be no limits on AI investments, as investors will be able to invest any amount, which makes it more appealing and adoptable.
InQubeta’s low supply of 1.5 billion and its deflationary nature further increased its popularity within the crypto landscape. As a deflationary token, 2% of all token sales and 1% of purchases will be removed from circulation and burned.
The presale is currently in its second stage, with a price of $0.0098 per token. Analysts predict that the price will increase by 10 times before the end of the year. To participate in the presale, click on the link below and visit the website.
Some cryptocurrency numbers of interest:
- Total market capitalization of all Cryptocurrencies – Approximately 500 Billion USD#1
- Total market capitalization of BITCOIN – 170 to 325 Billion USD #2
- Total Initial Coin Offering (ICO) Projects in 2017 – 435 #3
- Total market capitalization of ICO Projects in 2017 – 5.6 Billion USD #3
Bottom Line
Crypto investing is legal in the UAE, and Dubai is actively exploring blockchain technology and cryptocurrency investment opportunities. As regulations may vary by emirate, investors should research local laws before participating in the crypto market.
Investing in cryptocurrencies offers numerous benefits for UAE residents, including portfolio diversification, global market access, potential high returns, and support for innovative projects. As the country continues to foster a conducive environment for digital assets, embracing cryptocurrencies can provide UAE residents with a unique opportunity to participate in the future of finance. However, it is essential to conduct thorough research, understand the risks involved, and only invest what one can afford to lose, as cryptocurrencies can be volatile and high-risk investments.
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