Dubai: New business group seeks to strengthen digital asset sector

Sept 18,2022
Dubai: New business group seeks to strengthen digital asset sector

Dubai chamber of digital economy is one of the three chambers of commerce under the Dubai chamber of Commerce Group. The chamber of Commerce announced the establishment of a new entity line focusing on digital assets, called Dubai digital asset business group (d2a2).

According to the UAE News Agency (WAM), the group will focus on enhancing the importance of the digital asset industry in the social and economic development of the United Arab Emirates and the entire Middle East countries. It also undertakes to strengthen the construction of business infrastructure and adapt to the growth of digital assets in the emirate of Dubai.

Omar bin Sultan al olama, the State Minister of the UAE who is responsible for the application of artificial intelligence technology, digital economy and telework and the current chairman of the Dubai digital economy chamber of Commerce, commented that the establishment of d2a2 is in line with the strategy of the Dubai Digital Economy Research Association to accelerate the improvement of the digital economy in the UAE.

Gaulang Desai, the current chairman of the newly established d2a2, added that all digital asset industry experts are warmly welcome to join the working group to help disseminate the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards.

He said: "d2a2 will enhance the service commitment of the digital asset field to society through cultural education and development environment, so as to promote everyone to obtain and improve technology. It will also apply to the efforts of the digital asset field to improve quality, natural environment, energy management system and investor protection.".

The basic task of d2a2 is to promote the digital asset field in Dubai, improve the clarity according to market intelligence and data, apply the interests and improvement of digital asset enterprises, and promote cross-border e-commerce cooperation.

Dubai has completed its corporate vision of becoming a global digital asset center

The Dubai government has also recently announced the establishment of a metaverse Federation led by crown prince Sheikh Hamdan bin Arafat, which was previously established. Like d2a2, the Federation is also responsible for promoting a practical level of Dubai and the UAE's global leading enterprise vision in the selection of digital asset related technologies.

Dubai's efforts have so far yielded impressive results. In 2022, several world-famous digital asset enterprises including binance, Huobi, Kraken and FTX established chain stores in the UAE.

The financial times of the United States reported that the way Dubai and the United Arab Emirates deal with digital assets is very different from other jurisdictions such as Singapore and Hong Kong, which are the business service and financial seedbeds in the world.