Dubai rolls out new financial sector strategy

Dubai has rolled out a new strategy for the city emirate’s financial sector as part of its broader D33 economic agenda, as per an official press release by the Government of Dubai’s Media Office. 

The update comes as VARA (Virtual Assets Regulatory Authority) shows transaction volumes of AED 2.5 trillion so far this year across multiple entities under its purview—signalling a huge involvement in the digital assets sector. As per estimates, virtual assets contribute a total of 0.5% to the emirate’s economy. 

VARA currently hosts 40 VASPs (Virtual Asset Service Providers), including BitGo MENA FZE, Bitpanda Custody MENA DMCC, Zand Bank P.J.S.C., Binance FZE, Prypco FZE, Foris DAX Middle East FZE (crypto.com), and other crypto companies with an established track record in the sector.