SARA ALZAABI (ABU DHABI)
Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, inaugurated the Bitcoin MENA 2024 at the ADNEC Centre in Abu Dhabi on Monday, marking a significant milestone as the first edition of the event to be held in the Middle East.
The conference, organised by the ADNEC Group in collaboration with BTC Inc. and the Abu Dhabi Blockchain Center, draws more than 5,200 global experts and decision-makers from 55 countries.
With 120 distinguished speakers and an expansive exhibition area spanning over 8,000 square metres, the event spotlights the growing importance of the Middle East in the global digital currency landscape.
In his address, Sheikh Nahyan bin Mubarak stated: "The Bitcoin MENA conference reaffirms the UAE's commitment to positioning Abu Dhabi as a global hub for innovation and technology. Organising such an event reflects Abu Dhabi's dedication to hosting initiatives that drive technological and economic progress, in line with our vision of fostering a knowledge-based, sustainable global community."
His Highness emphasised the significance of digital currencies in shaping the global economy, noting that these technologies are not just means of exchange, but also comprehensive systems built on blockchain technology, promoting transparency and efficiency.
"As digital currencies continue to gain global traction, they have become key symbols of economic digital transformation, driving innovation and financial inclusion," he said.
During his opening remarks at Bitcoin MENA 2024, Mohamed Al Kuwaiti, Head of the Cyber Security Council in the UAE, stated: "We are currently witnessing a period of significant transformations in blockchain technologies and virtual currencies, paving the way for the UAE to establish itself as a leading nation leveraging artificial intelligence to build a secure digital future."
He explained that the UAE is focusing on fostering a secure digital community through key pillars including strengthening partnerships, encouraging innovation, and establishing governance to ensure integrity and accountability.
Abdulla Al Dhaheri, CEO of the Blockchain Centre in Abu Dhabi, shared his insights with Aletihad on the city's role in global blockchain development.
He remarked: "The Bitcoin MENA event in Abu Dhabi showcases one of the biggest events when it comes to the Bitcoin space. It shows the commitment in this region when it comes to fostering innovation, fostering crypto technologies, and blockchain technologies with good regulatory environments."
Al Dhaheri noted the importance of collaboration and partnerships in advancing the crypto and blockchain sectors.
"We should always continue the support and growth of this innovative technology and start looking at cryptocurrencies from another perspective, whether it's from Bitcoin or many other altcoins. I always say that we are right now in what we call a sandbox, and everybody is testing, but there will come a time when this is going to be used day to day," he added.
Al Dhaheri expressed confidence in the region's regulatory support, including the Securities and Commodities Authority and Abu Dhabi Global Market (ADGM), which supports initiatives like licences and projects.
"We need more knowledge and users. If we can spread knowledge across the globe, across this region, I feel people are going to start to understand the value of Bitcoin itself," he added.
Also speaking to Aletihad, Dr. Ayesha Binlootah, Assistant Vice President of the Virtual Assets Regulatory Authority (VARA), highlighted the UAE's strategy when it comes to the digital economy and its aim to double the GDP impact in the next 10 years.
"The event is significant for the UAE, positioning it at the forefront of the region and attracting investments into the digital assets, the virtual asset landscape and the financial sector. I am confident that the UAE has been doing tremendous work in this regard. The UAE is the home to 200 different nationalities and is ranked one of the fastest-growing economies in the region and globally," Binlootah told Aletihad.
During the keynote: "Shaping the Future: Strategic Leadership & Bitcoin Adoption in the Middle East," Dr. Binlootah highlighted critical aspects of the UAE’s regulatory framework, particularly the UAE Cabinet Resolution 111 [2022] concerning the regulation of virtual assets and their service providers and the powers delegated to VARA through Resolution 112.
She stressed that the regulators collaborate to ensure regulatory clarity, and prevent any regulatory arbitrage.
"We have also worked very strongly and around the clock to make sure we facilitate public-private partnership, working with key industry players, other regulators and government agencies. This comes in alignment with the Dubai D33 strategy as well, which aims to position Dubai among the top 4 global financial hubs and a preferred capital market in the Middle East, Africa, and Southern Asia region," she said.
The conference features a distinguished lineup of speakers, including Eric Trump, entrepreneur and son of US President-elect Donald Trump, who will discuss Bitcoin's role in shaping the global economy.
Prince Philip of Serbia will share insights into blockchain technologies and their potential for driving global innovation.
Dr. Saifedean Ammous, author of "The Bitcoin Standard", will explore Bitcoin's transformative impact on financial systems, while Marwan Al Zarouni, CEO of Artificial Intelligence at Dubai's Department of Economy and Tourism, will delve into blockchain's role in enhancing government services.
Changpeng Zhao, founder of Giggle Academy, will discuss blockchain's applications in education, and David Bailey, CEO of BTC Inc., will provide a forward-looking perspective on Bitcoin's evolution.