SARA ALZAABI (ABU DHABI)
Drawing more than 5,200 global experts and decision-makers from 55 countries, the Bitcoin MENA Conference kicked off on Monday at the ADNEC Centre in Abu Dhabi.
The event brought to the fore the UAE's focus on fostering a secure digital community through strengthening partnerships, encouraging innovation, and establishing strong regulatory frameworks.
With 120 distinguished speakers and an expansive exhibition spanning over 8,000 square metres, the event spotlights the growing importance of the Middle East in the global digital currency landscape.
Speaking to Aletihad on the sidelines of the event, Abdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, said: "The Bitcoin MENA event showcases the commitment in this region to fostering innovation, fostering crypto and blockchain technologies with good regulatory environments."
He highlighted the importance of collaboration and partnerships in advancing the crypto and blockchain sectors for the wide adoption of these technologies.
"We should always continue the support and growth of this innovative technology and start looking at cryptocurrencies from another perspective, whether it's from Bitcoins 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 expertise 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," he said.
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 think 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 jurisdictions 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 Cabinet Resolution 111 and the powers delegated to VARA through Resolution 112.
She stressed that the regulators collaborate to ensure regulatory clarity.
"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.