Dubai now offers web3 and artificial intelligence (AI) projects a 90% license-fee discount.
The city of Dubai in the United Arab Emirates is offering a 90% subsidy on commercial licenses for artificial intelligence (AI) and web3 businesses. The tech hub called Dubai AI and Web 3.0 Campus announced the decision to attract companies to set up a base in the city.
The issuance of these licenses will be facilitated by the Dubai International Financial Centre (DIFC), a financial free zone within the city.
Enterprises looking to take advantage of the subsidized commercial licenses offered by Dubai’s AI and Web3 Campus must complete a sign-up form.
Nomura’s Laser Digital secures license in Dubai
Dubai’s efforts to foster growth in the technology sector extend beyond attracting talent. The city has also taken significant steps towards embracing the crypto industry by granting operational licenses to cryptocurrency exchanges.
Nomura’s crypto division, known as Laser Digital Middle East, recently secured an operating license from Dubai’s Virtual Asset Regulatory Authority.
This newly acquired virtual asset service provider license positions Laser Digital to offer a range of essential services within the emirate. These services include broker-dealer operations, as well as virtual asset management and investment services.
This represents a significant milestone for Laser Digital, as it enables the company to operate within the regulatory framework established by Dubai’s authorities and provide a secure and compliant platform for crypto-related activities.
By granting operational licenses to crypto exchanges and fostering a supportive regulatory environment, Dubai showcases its forward-thinking approach and commitment to embracing the potential of virtual assets.
As the financial landscape continues to evolve, Dubai’s proactive stance positions it as a prominent player in the digital asset industry, attracting businesses and promoting innovation.
Dubai’s crypto regulation
Dubai has seen a significant increase in the number of crypto startups choosing to establish their businesses in the city.
The Dubai Multi Commodities Centre (DMCC) recently reported that it registered around 3,000 new businesses in 2022, with 343 digital asset startups joining the Crypto Center. This growth indicates Dubai’s appeal as a favorable destination for crypto entrepreneurs.
The government has also invested in developing the crypto infrastructure in Dubai. In 2020, the Dubai government established the Virtual Assets Regulatory Authority (VARA) to oversee the regulation of crypto assets in the emirate.
VARA has a clear framework for regulating crypto businesses, which provides much-needed certainty for investors and entrepreneurs.