According to an Emirates News Agency (WAM) report, the group will focus on strengthening the digital asset industry’s role in the economic development of the United Arab Emirates and the entire Middle East region. It also has the mandate to enhance business infrastructure and support the growth of digital assets in the Emirate of Dubai.
The UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications, and Chairman of Dubai Chamber of Digital Economy, Omar bin Sultan Al Olama, commented that the formation of D2A2 aligns with the Dubai Chamber of Digital Economy’s strategy to accelerate the growth of the Emirate’s digital economy.
Gaurang Desai, chairman of the newly created D2A2, added that all digital asset industry experts are welcome to join the group to help spread the principles of accountability, integrity, and transparency, as well as promote the highest professional and ethical standards.
“D2A2 will reinforce the digital asset industry’s commitment to society by educating the public and developing tools to bolster the access to and advancement of technology for all. It will also support the digital asset industry’s efforts to improve quality, the environment, energy management, and investor protection,” he remarked.
D2A2 is primarily tasked with promoting the digital asset industry in Dubai, boosting transparency through market intelligence and data, supporting the interests and growth of digital asset companies, and fostering cross-border cooperation.
Dubai fulfilling the vision of becoming a global digital assets hub
The creation of the unit comes after the Dubai government also recently announced the creation of a metaverse committee headed by the crown prince, His Highness Sheikh Hamdan bin Mohammed. Like D2A2, the committee is also tasked with promoting a specific aspect of Dubai and the UAE’s vision of global dominance in digital assets-related technology adoption.
Dubai’s push has so far been yielding impressive results. In 2022, several globally recognized digital assets firms, including Binance, Huobi, Kraken, and FTX, have all set up shop in the Emirates.
The Financial Times reports that Dubai and the UAE’s approach to digital assets has contrasted with other jurisdictions like Singapore and Hong Kong, which are global commerce and finance hotbeds.