Dubai is the largest licensed market for virtual assets in the world

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, approved the financial sector strategy for the Emirate of Dubai, during a meeting of the Supreme Committee for the Development of the Economic and Financial Sector and its transformational projects, stressing that Dubai is currently the largest licensed market for virtual assets in the world.

His Highness said in a blog post on his account on the “X” platform: “We adopted the financial sector strategy for the Emirate of Dubai during the meeting of the Supreme Committee for the Development of the Economic and Financial Sector and its transformational projects. We also reviewed the most prominent achievements of the Dubai Financial Market, and reviewed the achievements of the Dubai Virtual Assets Regulatory Authority (VARA), as Dubai is currently the largest licensed market for virtual assets in the world with more than 40 licensed service providers.” Virtual assets, and the trading volume in the market has reached 2.5 trillion dirhams since the beginning of the year, which reflects the proactive vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, who issued the first law of its kind to regulate virtual assets 3 years ago to enhance Dubai’s leadership in the future economic and financial sectors.”
His Highness added: “We continue to strive towards leadership and develop our financial and economic system so that Dubai becomes an inspiring model in new economic sectors and an incubator city for the economy of the future.”