DUBAI : CRYPTO HUB TO AI HUB ?
Dubai ’ s focus on creating a regulatory environment conducive to growth has secured its status as an innovation hub for crypto .
The emirate has established an independent regulator for virtual assets , and introduced a new licensing regime , which has been instrumental in attracting top talent .
Among these , crypto ’ s richest man , Binance CEO Changpeng Zhao , who has relocated to Dubai bringing Binance HQ with him , and other global players like Kraken , Bybit , and Web3 Holdings .
“ I expect to see significant growth for the crypto sector in Dubai , as large players seek to put down foundations in jurisdictions that have clear and predictable regulation and are open to collaborating with industry ,” says Cavenwell Group MD , Andrew Horbury .
Tech entrepreneur Dr David von Rosenvon Hoewei believes Dubai could do the same with AI .
“ Britain recently announced plans to host the first global AI regulation summit this autumn , and Rishi Sunak wants to discuss standardised global regulations . This will not happen . OpenAI Chief Sam Altman has already expressed his concerns about EU regulation , and the summit could be a lightning rod for AI companies to avoid Europe and the UK .”
David says that if the west comes down too hard on regulation , AI startups will set up in regulatory frameworks that welcome innovation and experimentation , like Dubai .
“ We ’ ve already seen it happen with crypto . Gemini , founded by the Winklevoss brothers , recently announced plans to seek a UAE licence .” businesschief . com 119