Deniz 
The United Arab Emirates (UAE) reported $25 billion in cryptocurrency transactions in 2022. Based on a report released Monday, it is now pursuing further investment by implementing flexible regulatory policies.
The Dubai Multi Commodities Centre (DMCC) reported on the market potential and opportunities for Web3 applications. These applications use blockchain to build decentralized digital infrastructure, such as cryptocurrency, Decentralized Finance (DeFi), and the metaverse. According to the Centre, the metaverse market is predicted to reach $3.4 trillion by 2027. This surge was attributed to the possibility of robust use cases and quick advances in artificial intelligence.
Furthermore, the DMCC predicts significant growth in the worldwide Decentralized Finance (DeFi) sector, with a predicted increase from $13.6 billion in 2022 to $600 billion in 2032. Bitcoin’s return in 2023 is a clear indicator of revived industrial and institutional interest in long-term, value-generating crypto services.
DMCC Spearheads Dubai’s Crypto Ambitions with Dedicated Hub
The DMCC is Dubai’s flagship free zone, giving tax breaks and other benefits to entice entrepreneurs. This campaign coincided with an increase in the number of crypto enterprises establishing a foothold in the UAE, banking on the region’s ambition to become a prominent global cryptocurrency hub. The DMCC Crypto Centre’s primary goal is to promote cooperation and networking opportunities for entrepreneurs in the crypto and blockchain sectors by providing a shared office environment. In the past year, the crypto centre’s membership reached 600. The notable partners include Bybit and Solana.