Dubai launches financial industry reform plan, including virtual assets as one of three pillars

PANews reported on October 13 that Dubai has recently launched a comprehensive reform plan for the financial industry, aiming to promote it to become one of the three major financial centers in the world. The Dubai Government Media Office stated that under the newly introduced "Dubai Financial Industry Strategy" framework, virtual assets, capital markets and financial technology will become key pillars of Dubai's economic growth in the future. According to the Dubai government's plan, Dubai will rely on this financial industry reform plan to accelerate the upgrading of digital asset construction, which has begun to take the lead in Dubai, and promote the transformation of traditional finance into digital financial services.

The virtual asset industry was established three years ago under the UAE Virtual Assets Law and currently contributes approximately 0.5% to its GDP, or 2.2 billion dirhams (approximately US$600 million). As the scale of the virtual asset ecosystem gradually expands, Dubai aims to increase this contribution to about 3%, or 13 billion dirhams (approximately US$3.5 billion).
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