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Global economiesDecember 11 2023

Does the UAE need yet another digital asset hub?

Ras Al Khaimah’s new Digital Asset Oasis is focusing on Web3 and ‘unregulated’ services to stand out in a crowded national field. 
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Does the UAE need yet another digital asset hub?Image: Getty Images

For both outsiders and those on the ground, navigating the UAE’s digital asset landscape can be a disorienting experience, with multiple (often competing) centres of activity to contend with.

In addition to the digital asset guidelines at the federal level from the Central Bank of the UAE and the Securities and Commodities Authority (SCA), there are the high-profile regulatory digital asset regimes of Dubai (the Virtual Assets Regulatory Authority; VARA) and Abu Dhabi (Abu Dhabi Global Market; ADGM), not to mention the activities in the space within the Dubai International Financial Centre (DIFC) and the Dubai Multi Commodities Centre.

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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