Dubai, the Future Cryptocurrency World Capital: What to Expect in 2022
Dubai will be hosting some premier crypto-related events in 2022 – including AIBC Summit. Here’s what’s new on the crypto front in this futuristic tech hub.
Dubai’s Economic Activity Rose 88% Compared to 2020
It has been reported that Dubai’s Business Registration and Licensing (BRL) sector, operated by the Department of Economy and Tourism, has added a total of 98 economic activities across diverse areas of economy and tourism in 2021, a figure reflecting an 88 percent increase compared to the number of activities in 2020.
In an official statement, the Government of Dubai announced that more than 2,200 economic activities are currently taking place in the city.
With the new activities ranging from green hydrogen production to artificial intelligence development, localization services for gaming, and industrial consulting, the new facilities are servicing a wide range of focused business sectors in the city.
According to the Government, Dubai is expanding its horizons to meet the demands of urban development, improving infrastructure, and strengthening its legislative environment to ensure its position as one of the world’s foremost investment, commerce, and tourism hubs, as reported by Waleed Abdul Malik, Director of Business Registration in the Business Registration and Licenses sector.
There is a good deal of credit to be given to the city’s open economy and the collaborations with countries across the globe. Consequently, the country was able to capture international markets, improve investor flows, and boost tourism and foreign trade.
BRL has emphasized the importance of developing both the economic and government infrastructure of Dubai in order for the city to become a model at every level.
The licensing process for corporations and private sector services that cater to private corporations is part of this project.
Crypto and Blockchain Adoption In the Hands of UAE Legislators
In contrast to the majority of countries that are inclined to prohibit the use of Bitcoins (BTC) and other digital assets, regulators in the United Arab Emirates are taking a different position.
With a consistent approach to realizing the country’s vision of becoming a blockchain capital, the country has enacted frameworks to guide crypto businesses on operating in compliance with the law.
It is worth noting that the governments of the UAE are divided into two different jurisdictions: one is on the island, where the Securities and Commodities Authority (SCA) regulates, and the other is a free zone or a geographically specific area included in the UAE where tax and regulatory rules have been relaxed.
These companies are among a few examples of free zones such as the Dubai International Financial Centre (DIFC), which is governed by the Dubai Financial Services Authority (DFSA), the Admaa Abu Dhabi Global Markets (ADGM), which falls under the jurisdiction of the Financial Services Regulatory Authority (FSRA), and the Dubai Multi Commodities Centre (DMCC), which falls under the jurisdiction of the Securities and Commodities Authority (SCA).
An interview with Kokila Alagh, founder and CEO of Karm Legal Consultants, revealed a quick overview of the regulatory environment in the country in a recent report that Cointelegraph published. The SCA, the mainland regulatory body, according to Alagh, provides crypto and blockchain businesses with certainty and opens up business opportunities:
Despite these advantages, they are critical to the development of the regulatory framework in the UAE, making SCA a progressive player within the global regulatory environment, as it has not ignored this vital and rapidly growing market segment, as well as on developing the frameworks to adjust as per these emerging technologies like DLT and the blockchain.”
In 2018, ADGM’s financial services regulator, the Financial Services Regulatory Authority (FSRA), was the first in the country to introduce regulations related to digital assets. As a laugh mentioned, ADGM was also one of the first regulators worldwide to introduce state-approved regulations governing digital securities and providing guidance on digital assets, added that ADGM is “one of the top jurisdictions for established blockchain companies.”
Alaagh also discussed the DIFC regulation. DFSA, DIFC’s regulator, is one of the first organizations globally that has brought regulations relating to security tokens to an important financial free zone. According to Alagh.
DFSA regulations currently cover the tokenization of securities through blockchain technology and distributed ledger technology, including share capital, derivatives, bonds, debentures, certificates, and units of a fund. To date, there have been no consultation papers for stablecoins, fungible cryptocurrency tokens, and nonfungible tokens, draft of them is being prepared at the moment.
Alagh also mentioned DMCC. The free zone issued licenses for proprietary trading in crypto commodities and the DLT technology service provider license. In addition, more than 130 blockchain companies are registered at its crypto-dedicated center, Crypto Oasis.
It is considered one of the most forward-looking regulators in the cryptocurrency industry, according to Alagh. The DMCC has been a pioneer in developing the ecosystem for the crypto community in the UAE. Companies who set up a business with the DMCC benefit from a regulator that is crypto-friendly.”
Meanwhile, Binance, a crypto exchange, works with the UAE government to help crypto exchanges and businesses obtain licenses in Dubai. Dubai World Trade Center Authority and the Dubai World Finance Center Authority signed an agreement for the creation of a crypto hub.
Dubai Builds Two Cryptocurrency Farms
Dubai’s Al Quoz Industrial district is home to two cryptocurrency farms built as colocation facilities for the mining operations of an online technology provider, Vipera LLC. Vipera announced its plans to expand mining operations early in 2022 after securing two locations to help support its goal of expanding cryptocurrency mining operations and extending access to cryptocurrency to a wider region in the GCC / Middle East.
Mining colocation will be provided at both locations exclusively for the cryptocurrency hardware industry. Additionally, it will be exclusively offered to the patrons of the new Vipera showroom opening in Citywalk in Q2 2022.
Colocation in mining – what is it?
Mining colocation means renting out mining power to a crypto farm that operates and maintains the hardware on your behalf in its facilities. Clients can take advantage of this approach to avoid setting up and running their equipment instead of renting or purchasing hardware from a company that operates an existing farm. The farm’s operators ensure maximum uptime and hassle-free service by managing the miner for every customer based on their budget and needs. Customers can purchase as much hash power as they require or even buy their miner.
Investors looking for custom farming contracts can specify their hardware preferences or choose from available miners that the company already operates and maintains. Depending on the contract, clients may pay either a monthly rental fee or a premium based on electricity usage after the initial equipment costs. Contracts are generally locked in for at least one year.
Energy plays a crucial role in the cryptocurrency mining industry, determining the highest return on investment. This is one reason why Vipera has chosen to expand into Dubai. Due to its complex grid, solar energy boom, and special commercial and residential electricity rates for Emirati nationals, the United Arab Emirates has some of the lowest electricity costs in the world. As a result, Vipera and its clients can maximize profits and reduce operational costs related to energy expenditures.
Colocation services offer expert guidance as well. With over 5 years of experience operating cryptocurrency farms worldwide, Vipera has gathered an expert team of professionals that ensure optimal efficiencies and limit downtime due to hardware failures or defects. Most investors cannot properly set up their hardware, maintain stable temperatures, mine the correct digital currency at the right time, deal with technical issues, and ensure optimal return on investment because it is a full-time operation. The continuous growth of mining colocation services in 2018 is attributed to these factors. With this service, ASIC and GPU rig customers can begin mining quickly and conveniently.
It was announced in November of 2021 that Vipera would provide solutions for investors to collectively break into the cryptocurrency mining industry and take part in what is considered a revolutionary change in the global financial system in 2022. On Friday, Mr. James Campagna, CEO of the company, announced that the company would be resetting a monetary policy that has severely crippled our younger generations’ ability to accumulate assets and wealth. In order for decentralized exchanges to become commonplace, we want to increase accessibility and reduce the stigma and entry barriers that people may face when attempting to participate in this new space.”
There will be an aggregate energy output of 8.5 Megawatts from two new farms in Dubai, where site “A” will offer 2.5 Megawatts at 6,500 square feet and site “B” will offer 6 Megawatts at 37,000 square feet, which represents an excellent investment opportunity. The small farm will be built first, and this location will serve as a public showcase and service center at the same time. Vipera LLC expects both farms to be completed by the end of 2022. Solar and diesel power will complement Emirati commercial rates for both sites as supplementary solutions to keep customer costs down.
NFTs at Art Dubai 2022
In the next few years, Art Dubai hopes to raise the bar with new partnerships and commissions, as well as a greater focus on crypto art, following a scaled-down affair last year.
It has been revealed that the fair will hold its 15th event at Madinat Jumeirah on the 14th and 15th of September. The previews will take place between March 9 and 10, and the public days will take place between March 11 to 13.
It has been made possible by the new partnership between Art Dubai, Warehouse411, and the Salama Bint Hamdan Emerging Artist Fellowship, which will culminate in an exhibition about Seaf’s eight-year existence. This exhibition, curated by Maryam Al Dabbagh and Mays Albaik, will feature paintings, textiles, videos, and photographs to contemplate notions of collective memory throughout the show.
There has been another partnership that has joined the fold this year. Through its Bybit Talks program, the Singapore cryptocurrency exchange Bybit will be assisting Art Dubai in its push for NFTs, a program aimed at informing the art community about digital media and NFTs.
Since the event is taking place, Tamas Banovich, the owner of a New York gallery that presents digital art since the 1980s, will speak since he is the co-founder of Postmasters.; Seth Goldstein, the director of Bright Moments, a decentralized autonomous organization; and Jenn Ellis, the co-founder of Aora Space, their co-founding organization.
The new Art Dubai Digital is a fair focusing on the digital world and NFTs, but there are still in-person exhibits shown at the fair.
In the Tropical Futures section, curated by Chris Fussner, director of the Tropical Futures Institute in Cebu, the Philippines, there are 17 galleries and platforms.
Anadol, a Turkish American artist (represented by Pilevneli gallery), presents digital visualizations of data sets. At the same time, Uta Bekaia (also represented by Window Project gallery), another Georgian artist who performs wearable sculptures, performs with generative graphics. The Pilevneli gallery represents both artists.
It is more than likely that Institut, Bright Moments will see exhibitions, Fingerprints DAO, and Cyber Baat in addition to Art Dubai Digital.
This event will feature a presentation by Russian artist Marina Fedorova of her immersive installation COSMODREAMS, dedicated to exploring the impact of technology on our lives and the environment.
A previous version of this exhibit was shown at the Erarta Museum of Contemporary Art in St. Petersburg, combining painting and sculpture with virtual and augmented reality. This interactive installation will feature the artist’s futuristic visuals resembling a dystopian world user will interact with via their smartphones.
In addition to going digital this year, Campus Art Dubai will also present a digital exhibition of Non-Formal Textiles by 12 artists from the UAE and abroad.
Fernando Garcia-Dory, a Madrid-born artist, is one of Art Dubai’s commissions for 2022. The work is called INLAND. The work, titled Sand Flow, will combine components of archaeology, hydrology, and urbanism with exploring the history of the Middle East and the history of Dubai.
The INLAND project is a Garcia-Dory arts collective that began in 2009 to bring together artists to explore the theme of territory, culture, and social change.
In the meantime, James Clar, a light artist who specializes in sprinkling raindrops and fog with light, will present a video installation that simulates raindrops and fog in the Julius Baer lounge.
Also, as part of the fair, two more talks will take place in March. The 15th Global Art Forum, themed This is the Picture, will cover many aspects of crypto worlds, currencies, art, gaming, metaverses, and the Web3. In addition to Hito Steyerl, Holly Herndon, and Mat Dryhurst, the program will feature crypto collectors Guy Ullens and Ryan Zurrer and filmmakers Hito Steyerl and Holly Herndon.
On top of that, Art Dubai Modern Talks, held from March to the 12th, will also be taking place outside of the digital realm. The program will explore the lives and works of artists from the Middle East, Africa, and South Asia from the 20th century, collaborating with the Dubai Collection, which had its first exhibition this year.
In addition to Nima Sagharchi, assistant director of the Middle Eastern, Islamic, and South Asian art department at Bonhams, curators Sam Bardaouil and Munira Al Sayegh will be presenting on occasion.
One hundred exhibitors are expected to attend Art Dubai 2022, including 30 who will attend for the first time.
Dubai’s Museum of the Future to Open in Late February
The Museum of the Future outside the Dubai International Financial Center will open on February 22, 2022. It has been announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, will be attending the Gulf Security Summit in November.
The news was posted on his official Instagram account shortly after the announcement. He wrote, “Brothers and sisters, on February 22, 2022, the world will be introduced to one of the most beautiful buildings on earth…”
For its thrilling architecture combined with its sophisticated technological innovations, the Dubai Museum of the Future has been rated as one of the 14 most beautiful museums in the world by National Geographic.
The seven-story pillarless structure boasts a 77m height and covers an area of 30,000 square meters. Mattar Bin Lahej, an Emirati artist, designed the 14,000 meters of Arabic calligraphy that grace the façade of the stainless steel architecture, which extends over 17,000 square meters.
It is also connected to Jumeirah Emirates Towers by two bridges, which extend for 69m to the Jumeirah Emirates Towers. In contrast, the second extends for 212m to the Emirates Towers metro station.
Adorned with quotes
There are quotes from Sheikh Mohammad adorning the façade of the building in the form of Arabic calligraphy. There are some pretty good quotes on this page, like “We may not live for hundreds of years, but our products will leave a legacy after we’re gone” and “It is those who can envision and design the future who will be able to establish it at a later date…”. There is no waiting for the future. You can design and build the future today if you want to”.
AIBC Dubai Coming in March 2022
In the United Arab Emirates’ economic Vision 2021 document, the “United in Knowledge” pillar highlights the importance of continuous innovation and technological progress as vital components of its future.
The AIBC UAE expo in 2022, which is set to bring together the policy-makers, developers, C-suite executives, and legal experts of the burgeoning AI and Blockchain sectors, is anticipated to draw the top figures in the emerging tech world to the Middle Eastern metropoles for cutting-edge technology. The event aims to create the foundation upon which the Industrial Revolution 4.0 can be built. As a result, it takes the form of educational panels, keynote speeches, workshops, and networking events.
Emirates has prioritized subject areas such as renewable energy, transportation, education, health, technology, water, space, and pioneering technologies such as blockchain.
Our lucky attendees may have the chance to see a glimpse of the world of tomorrow under the aegis of the United Arab Emirates, which prioritizes cutting-edge technology both through funding opportunities and taxation schemes that meet their specific needs. So it is no surprise that, with the expo serving as a nexus for entrepreneurs and investors alike, they might just become part of this bright new future.
Networking Events
Sunday 20 / Monday 21 / Tuesday 22, March
With AIBC Asia, you will be able to hear from the brightest minds in emerging technologies from across the globe. To achieve this end, our lavish networking events function as lubricants for innovation, allowing opinion leaders, industry titans, clever investors, and bright entrepreneurs to meet, network, exchange business cards, and unwind, most importantly, to innovate together. By joining in on the fun and making the most out of your time spent with us, you will be able to expand your professional network!
Awards
Sunday 20, March
Even though the industry is full of trailblazing movers and shakers who have a record of disrupting the industry, our Awards Night is dedicated to honoring the upcoming stars of the industry whose achievements deserve the highest praise.
Pitch
Tuesday 22, March
AIBC began as a love affair with the startup and a deep appreciation for its endeavors. The Group has always been interested in nurturing teams and ideas with the potential to take entire industries by storm so that they can result in taking entire industries by storm as well. There is a good chance that the Pitch-participants of today will become the market makers of tomorrow, so investors and tech visionaries of all kinds are more than welcome to join in the fun.
