The Benefits of Setting Up a Web3 or AI Business in Dubai
The city of Dubai in the United Arab Emirates is offering a 90% subsidy on commercial licenses for artificial intelligence (AI) and web3 businesses. This move is aimed at attracting companies to establish their base in Dubai and take advantage of the growing tech hub.
Key Points:
- Dubai AI and Web 3.0 Campus is offering a 90% license-fee discount for web3 and AI projects.
- The licenses will be facilitated by the Dubai International Financial Centre (DIFC), a financial free zone in Dubai.
- Companies interested in the subsidized commercial licenses can complete a sign-up form.
Dubai’s Support for the Crypto Industry
Dubai is not only focusing on attracting talent and technology companies but is also embracing the crypto industry. Nomura’s crypto division, Laser Digital Middle East, recently secured an operating license from Dubai’s Virtual Asset Regulatory Authority.
Key Points:
- Laser Digital Middle East’s license allows them to offer broker-dealer operations, virtual asset management, and investment services.
- This milestone enables Laser Digital to operate within Dubai’s regulatory framework and provide a secure platform for crypto-related activities.
- Dubai’s progressive approach to crypto regulation demonstrates its commitment to embracing virtual assets and attracting businesses.
Dubai’s Growing Appeal for Crypto Entrepreneurs
Dubai has become an increasingly attractive destination for crypto startups. The city recorded around 3,000 new businesses in 2022, with 343 digital asset startups joining the Crypto Center within the Dubai Multi Commodities Centre (DMCC).
Key Points:
- The Dubai government established the Virtual Assets Regulatory Authority (VARA) in 2020 to regulate crypto assets in the emirate.
- Dubai’s crypto infrastructure development and clear regulatory framework provide certainty for investors and entrepreneurs.
Hot Take:
By offering attractive subsidies and fostering a supportive regulatory environment, Dubai is positioning itself as a prominent player in the web3, AI, and crypto industries. Its proactive stance attracts businesses, promotes innovation, and showcases its commitment to embracing emerging technologies.
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