Major crypto exchange identifies UAE as emerging blockchain technology hub
UAE authorities aspire to establish the region as a global Web3 hub
Binance representatives have highlighted the United Arab Emirates (UAE) as an emerging epicenter for blockchain technology development.
Alex Cheheid, General Manager of Binance Dubai, expressed that the UAE leadership is actively working to position the region as a hub for Web3. Recognising the need to transition away from fossil fuels, the country’s authorities view cryptocurrency as a catalyst for driving this strategic shift. Cheheid also noted the significant presence of young professionals in the UAE, whose contributions are accelerating the region’s digitisation efforts.
Experts have identified the UAE as the global leader in cryptocurrency adoption, with 27.6% of residents owning digital assets. The country has established the Virtual Assets Regulatory Authority (VARA), which attracts crypto exchanges seeking regulatory clarity.
Emirates Airlines, one of the world’s largest carriers, previously emphasized that Dubai and the UAE are spearheading the transition to a digital economy.
