HomeCryptoDubai and the favorable approach to crypto: Bitcoin, NFTs and the Metaverse

Dubai and the favorable approach to crypto: Bitcoin, NFTs and the Metaverse

Over the past year, Dubai, and the UAE in general, have definitely developed a proactive and strategic approach to crypto. Indeed, the sale of Bitcoin in Dubai has recently become an instant operation that SBID provides to clients. 

In addition, the UAE has moved steadily to create a regulatory environment and attract global investors. Launching, among others, the Dubai Metaverse Strategy

In addition, the number of new business licenses issued in Dubai reached nearly 25,000 in the first quarter of 2022, an increase of nearly 60% compared to 2021. All of this, according to the Dubai Department of Economy and Tourism, was made possible by the strong fundamentals, resilience, and sustainability of Dubai’s economy. 

The most prestigious crypto for sale in Dubai: Bitcoin 

As anticipated above, the sale of Bitcoin in Dubai is now an instant operation that SBID provides to customers. Customers can sell Bitcoin in Dubai within seconds in the office in the Business Bay. 

Dubai, over the past year in particular, has established itself as a hub for cryptocurrency and blockchain technology in the Gulf region. The city government has actively encouraged the adoption of these technologies and implemented various initiatives to support their growth

As a result of the efforts, Dubai has attracted a number of cryptocurrency and blockchain companies to the city, making it a key player in the global cryptocurrency market. The above-mentioned SBID provides crypto solutions in Dubai and contributes to cryptocurrency adoption by allowing people to sell Bitcoin. 

Selling Bitcoin in Dubai is a simple process and can be done easily on SBID. It is important to note that buying and selling Bitcoin, as well as other cryptocurrencies, is not illegal in Dubai. However, there is an additional innovation: SBID makes the process easier and visitors can now go to the office and easily sell BTC for cash within minutes.

In addition, SBID also allows tourists to sell Bitcoin in the office. Tourists can: sell BTC for cash in Dubai in different fiat currencies, exchange them for AED (dirham), US dollars, EURO and other fiat currencies. 

SBID’s goal is to remove unnecessary obstacles to selling BTC in Dubai and help people get a better cryptocurrency experience. In its Dubai office, SBID offers more than 1,000 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and stablecoins such as USDT (Tether).

NFT trading and the Dubai Metaverse Strategy

In March, Dubai established a legal framework for cryptocurrencies aimed at protecting investors and designing guaranteed international standards for industry governance. A new Dubai Virtual Asset Regulatory Authority (VARA) was granted enforcement powers in the emirate’s special development and free zones, with the exception of the Dubai International Financial Centre. Cryptocurrency exchange FTX, now bankrupt, was among the first to obtain the same license. 

Another emirate, Abu Dhabi, submitted draft recommendations for NFT trading. Specifically, these labeled NFTs as intellectual property rather than specific investments or financial instruments and allowed multilateral trading facilities (MTFs) and Virtual Asset Custodians (VACs) to operate NFT markets.

In other news, in July, Dubai launched the Dubai Metaverse Strategy, which aimed to transform the Emirate into one of the top ten metaverse economies in the world. The Dubai Metaverse Strategy includes research and development (R&D) collaborations to enhance the economic contributions of the metaverse. It uses accelerators and incubators to attract companies and projects from abroad and provides support in metaverse education targeting developers, content creators and users.

The country has even opened its first city in the metaverse, dubbed “Sharjahverse,” which has been described as a photorealistic and physically accurate metaverse that encompasses the 1,000-square-mile area of the emirate. The virtual city will support the local tourism industry and potentially create new jobs in the metaverse.

Not just Dubai in favor of crypto, Brazil and CAR also legally recognize them 

In Brazil, before leaving office, former President Jair Bolsonaro signed a bill legalizing the use of cryptocurrencies as a payment method within the country. The bill does not make cryptocurrencies legal tender, as in El Salvador, but still introduces the legal definition of digital currencies and establishes a licensing regime for virtual asset service providers.

In addition, the number of companies holding cryptocurrencies in Brazil reached new records: the country’s tax authority recorded 12,053 unique organizations that declared cryptocurrencies on their balance sheets in August 2022.

In addition, in May, the Brazilian Stock Exchange confirmed its intention to launch the first official product aimed at the cryptocurrency market: the Bitcoin futures trade.

Not only Brazil, the Central African Republic has also made huge strides toward the blockchain world in the past year. 

In fact, in April, CAR, consisting of 5 million people, became the first nation on the continent to legalize the use of cryptocurrencies in financial markets. The cryptocurrency bill, passed unanimously by lawmakers, allowed merchants and businesses to make payments in cryptocurrency and even make way for cryptocurrency tax payments through authorized entities. 

In July, the local Central Bank Digital Currency (CBDC), Sango Coin, was launched to raise nearly $1 billion over the next year. So far, however, only $1.66 million of the coin has been sold. 

Unfortunately, as always, there is no shortage of skeptics, as the CAR-sponsored adoption has drawn opposition from the Bank of Central African States (BEAC), which has warned of the substantial negative impact it believes the legislation will have on Central Africa’s monetary union.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.
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