TechFlow, Oct 8 — According to a report by Cailian Press, Dubai recently launched a comprehensive financial sector reform initiative aimed at positioning itself among the world's top three financial centers. The Dubai Government Media Office stated that under the newly introduced "Dubai Financial Services Strategy," virtual assets, capital markets, and fintech will become key pillars for Dubai's future economic growth. With this financial reform plan, Dubai aims to accelerate upgrades to its already leading digital asset infrastructure and promote the transformation of traditional finance into digital financial services.
The virtual asset industry was established three years ago under the UAE's Virtual Assets Law and currently contributes approximately 0.5% to GDP, equivalent to 2.2 billion AED (about 600 million USD). As the virtual asset ecosystem continues to expand, Dubai targets increasing this contribution to around 3%, or 13 billion AED (approximately 3.5 billion USD).
Dubai's Deputy Ruler and UAE Deputy Prime Minister and Minister of Finance, Sheikh Maktoum bin Mohammed, confirmed via his social media account on Sunday that Dubai, already a hub for business, tourism, and finance in the Middle East, now also hosts the world's largest licensed virtual asset market. Transaction volumes regulated by the Virtual Assets Regulatory Authority (VARA) have reached nearly 2.5 trillion AED (about 681 billion USD) so far this year.
