Coinbase CEO Brian Armstrong and VP of International & Business Development Nana Murugesan are in the UAE for strategic developments in the region, seeking to establish the country as a hub for Coinbase. The company is working with Abu Dhabi Global Market regulators for licensing and availability for Coinbase International Exchange after launching the derivatives exchange in Bermuda last week. The exchange is also seeking additional licenses and partnerships as Dubai's Virtual Assets Regulatory Authority builds a retail framework with virtual assets. The UAE has strong investor and customer protection, clear regulations, and the first dedicated crypto regulator in the world. Coinbase will engage with policymakers, regulators, partners, web3 and crypto founders, and clients amid the rapid adoption of crypto and Web3 in the country.

Despite the challenges of 2022, the African continent's blockchain community has continued to attract significant investments, with blockchain venture funding increasing five-fold on a yearly level.

The UAE's financial regulatory agency, the Securities and Commodities Authority (SCA), has announced that it will start receiving licensing applications from virtual asset service providers (VASPs) that want to operate within the country. All VASPs operating in the UAE must submit an application and obtain a license from the SCA, except for those licensed in the country's financial free zones. Digital asset companies operating within Dubai will still have to comply with its own financial regulator, the virtual asset services authority (VARA), and also need to apply for and obtain a license from VARA. The UAE's Cabinet issued resolution number 111 of 2022 on Dec. 11, 2022, which regulates virtual assets to provide an "attractive investment, economic and financial environment for global companies and institutions operating in the virtual assets sector." Failure to comply with the new law could result in financial fines of up to 10 million AED ($2.7 million), disgorgement of profits and criminal investigation by the public prosecutor.

Gofaizen & Sherle, a fintech and crypto consultancy firm based in Estonia, has recently launched its first crypto product for the United Arab Emirates (UAE). The product is designed to assist businesses and startup owners in obtaining crypto licenses in two key zones in UAE – the DMCC free zone and IFZA free zone, both located in Dubai.

The United Arab Emirates (UAE) central bank has announced that it will begin implementing its digital currency strategy with the help of partners G42 Cloud and R3. The first phase of the strategy will focus on three key pillars, including proof-of-concept work for bilateral central bank digital currency bridges with India, the soft launch of the M-bridge, and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage. The bank's governor, Khaled Mohamed Balama, stated that the CBDC initiative will likely bolster the country's position as a leading global financial hub and promote financial inclusion. The CBUAE has engaged in several digital currency initiatives, including a cross-border CBDC pilot with the Hong Kong Monetary Authority and the Bank of Thailand in 2022.

The United Arab Emirates expects to complete the first phase of its central bank digital currency strategy around mid-2024, its central bank announced on Thursday. This includes proof-of-concept work for a wholesale and retail CBDC.

India and the United Arab Emirates (UAE) have entered into a collaboration on central bank digital currencies (CBDCs), according to the official announcement published on March 15, 2023.

India and the United Arab Emirates (UAE) will collaborate on central bank digital currencies (CBDCs) by jointly conducting pilot(s), according to an announcement on Wednesday.

Ras Al Khaimah’s recently announced free zone for virtual asset firms will explore accepting crypto payments from companies looking into setting up their businesses in the emirate, a lawyer involved in the hub’s development said.

Lebanon, Slovenia, and the United Arab Emirates (UAE) are the top three countries that are most interested in Artificial Intelligence (AI) crypto, according to CoinGecko’s recent report.