Dubai expects to have more than 1,000 cryptocurrency businesses by 2022

Dubai expects more than 1,000 cryptocurrency businesses to be operational by 2022, as it accelerates efforts to boost its digital economy.

Free zones in Dubai and Abu Dhabi have implemented an advanced framework to encourage entrepreneurs in the crypto space to set up exchanges while laying out rules to protect consumers.

"Five years ago you wouldn't see people coming to Dubai to do the cryptocurrency business ... we're open-minded, and we're willing to change regulations with reason," Dr Marwan Al Zahrouni, chief executive of the Dubai Blockchain Centre, said at a conference held during Gitex Global in Dubai on Monday.

Interest in cryptocurrencies and blockchain is growing, especially in the UAE, as consumers and investors flock to digital assets with online payments gaining pace. A growing number of institutional investors and wealth managers in the UAE plan to increase their exposure to cryptocurrency assets between now and 2023, according to a survey by Nickel Digital Asset Management, based in London.

Cryptocurrencies are not licensed by the UAE Central Bank although a number of cryptocurrency exchanges have been given permission to operate within the financial free zones. The UAE dirham is the only legal tender in the country that is recognised by the Central Bank.

The DMCC Crypto Centre – launched in May to promote cryptographic and blockchain technologies in Dubai – is home to more than 100 organisations operating in the crypto space, with a further 900 more having applied for licences. There are more than 400 crypto businesses operating in the UAE.

Ahmed bin Sulayem, executive chairman and chief of the DMCC, is confident that there will be "well over" 1,000 crypto businesses in the UAE by the end of 2022.

Digital assets – built around the secure blockchain database infrastructure – are also enjoying heightened interest from investors owing to their potentially high returns. However, experts have also criticised assets such as Bitcoin – the world's largest cryptocurrency – for its volatility.

Ralf Glabischnig, founder and board member of Swiss crypto hub CV Labs, said that the market in Dubai will "grow faster compared to anywhere else", and attributed the current interest from investors and entrepreneurs to the emirate's business environment.

"The most important thing when you create a new industry is talent. A lot of smart people came to Dubai and stayed here," he said. CV Labs also has a crypto centre at the DMCC.

Five years ago you wouldn't see people coming to Dubai to do the cryptocurrency business... we're open-minded, and we're willing to change regulations with reason

Dr Marwan Al Zahrouni,
chief executive of the Dubai Blockchain Centre

The UAE has introduced various measures to boost digital assets trading amid rising interest. Last month, the Securities and Commodities Authority signed a deal with the Dubai World Trade Centre Authority to support the trading of crypto assets.

Last week, Dubai also hosted the first Crypto Expo Dubai. This comes as investor interest in crypto assets soars in the region.

MidChains, a virtual asset trading exchange based in Abu Dhabi backed by Mubadala Investment Company, said it completed its first trades on Bitcoin, Ethereum, Litecoin and Bitcoin Cash in September. Bahrain cryptocurrency platform Rain Management said earlier this year that trading volumes crossed the $1 billion mark.

BitOasis, another UAE crypto asset exchange, earlier this month said it raised $30 million in a Series B funding round, which it will use to expand in the Middle East and North Africa.

School counsellors on mental well-being

Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.

Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.

Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.

“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.

“Some have got used to being at home don’t want to go back, while others are desperate to get back.

“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.

“It is worrying and has taught us how important it is that we prioritise mental well-being.”

Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.

The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.

At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.

“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.

“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.

"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”

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