More than 40 000 virtual jobs will be created in the Emirate by 2027

Dubai Prince unveils Web 3.0 development plan

21.07.2022 - 13:15

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1 min

What’s new? The Prince of Dubai, Sheikh Hamdan bin Mohammed, has unveiled a strategy for the development of blockchain technologies and metaverses. According to the Prince’s plan, the Emirates government will create 40 000 virtual jobs and increase the number of cryptocurrency companies by 500% by 2027. According to the Sheikh, there are currently more than 1000 blockchain-related companies in Dubai, generating $500 million a year for the city.

Dubai’s development plans. According to Sheikh’s statement, the Emirate aims to become the first in the region and be among the top 10 countries in the development of the metaverse economy. The Dubai government also plans to support developers and ordinary users to master the technology.

In March, the Virtual Assets Regulatory Authority (VARA) was established in Dubai. It is a subsidiary agency of the Dubai World Trade Center, which oversees compliance with the marketing laws. VARA also licenses digital assets and related entities.

Author:

Vasiliy Smirnov Vasiliy Smirnov

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