- January 4, 2023
- SmartLedger Spotlight
The new hub, dubbed “Blockchain Smart Technologies,” will operate as SmartLedger’s subsidiary covering North Africa, The Middle East, South East Asia, and India. Creating a new entity in Dubai will offer SmartLedger many benefits, including a wider reach to previously untapped markets.
The DLT infrastructure provider disclosed in a press briefing that Dubai was selected as the new regional hub, given the Emirate’s stance towards using digital assets and the underlying technology. Eva Porras, CEO of Blockchain Smart Technologies, disclosed that choosing to operate in Dubai is a symbiotic relationship that would yield benefits for Dubai’s government and its private sector.
“We are thrilled to be a part of the blockchain ecosystem in Dubai. This expansion represents a significant milestone for our company as we continue to grow and expand our presence in the Middle East and beyond,” Porras said.
Porras added that Dubai gains multiple benefits as the company hosts its economy and infrastructural development. The company’s CEO disclosed that “Blockchain can be used to facilitate secure and transparent financial transactions” and can be extended to streamline the delivery and accessibility of public service.
She noted that Blockchain Smart Technologies could also deploy proof of ESG to manage carbon credit systems and ensure transparency in the environmental practices of companies.
SmartLedger has deep roots in the DLT industry, with over 250 patented solutions, 20 enterprise applications, and a presence in 35 countries.
Dubai’s appeal to digital asset firms
Dubai’s appeal to service providers in the virtual currency field is no accident. Instead, it is a concerted effort from its regulators to attract industry-leading players. The first phase of the plan was the passage of Law No. 4 of 2022, Regulating Virtual Assets in the Emirate of Dubai, igniting the spark for international interest.
The groundbreaking law created the Dubai Virtual Assets Regulatory Authority (VARA), a regulatory body with the power to issue licenses to operators looking to set up shops in the Emirates. With clear and concise requirements, several international companies obtained licenses to operate in the region.
Apart from the presence of a conducive regulatory environment, Dubai’s government has unveiled a series of DLT-backed projects, like its metaverse strategy seeking to provide 40,000 jobs in the coming years.
Zooming out, the United Arab Emirates (UAE) disclosed that 300 digital firms are on its radar, and it is looking to lure them into the country by offering perks such as golden visas and residency permits without the need of a sponsor.
Watch: The BSV Global Blockchain Convention presentation, Sentinel Node: Blockchain Tools to Improve Cybersecurity
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
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