The economy of the United Arab Emirates has historically been dependent on oil. However, in recent years, the UAE has focused on adopting new technologies and innovations like cryptocurrency.
Among the other emirates, Dubai is stepping up its game to position itself at the forefront and center of this emerging technology.
The government of the UAE has made blockchain technology and distributed ledger technology (DLT) a top priority. As a result, it has launched several projects and initiatives linked to blockchain technology.
Another interesting thing about Dubai is its residents do not have to pay corporate taxes. They also do not have to pay personal income taxes on any kind of income, regardless of whether or not the revenue was created in Dubai or anywhere else. Because of this, the city is a cryptocurrency trader's ideal location.
Is Dubai the new crypto hub?
This year the United Arab Emirates became Binance's de facto headquarters. According to the company's Chief Executive Officer, Changpeng Zhao, Dubai has now been designated as the headquarters of the company.
A license to operate in Dubai was issued to Binance in March. This came after Binance received authorization to operate in Bahrain under identical circumstances.
Policies in the UAE that support cryptocurrencies have attracted several similar cryptocurrency startups and exchanges.
The cryptocurrency exchange FTX was the first to receive approval from Dubai before Binance received the license. In addition, the cryptocurrency trading platforms Crypto.com and Bybit announced their intentions to expand in Dubai in March.
emCash – Dubai’s First Cryptocurrency
After the success of emWallets, the Dubai government has begun utilizing blockchain technology, notably emCash, to execute transactions in digital currency while preserving users' privacy.
It makes transactions between individuals take place without requiring them to reveal their identities to one another. In addition, transferring funds is easier now and doesn't take very long. The emCash may be utilized for daily routine tasks such as paying bills and school fees, etc.
The ultimate objective of emCash is to build an economy that is dependent on blockchain technology.
emPay is designed to work along with emCash. It is a mobile wallet that may be utilized to make payments for things like going to the movies, paying bills, and other recreational activities.
Before carrying out a transaction, a person has the option of using either emPay or emCash. The transactions are carried out in a protected and easy way.
Because emCash is a product of the Dubai government, it will appeal to most people because it is the first time a government has ever launched an initiative like this.