The UAE is rapidly positioning itself as one of the world’s most advanced and influential hubs for digital assets — and many experts believe it could soon become the global financial center for Bitcoin. Early cryptocurrency pioneers say the country’s proactive regulations, business-friendly ecosystem, and ability to attract international talent have placed it at the forefront of the next financial revolution.
Dr. Marwan Al Zarouni, CEO of the Dubai Blockchain Centre, explained that the UAE’s journey toward crypto leadership didn’t happen overnight. “We began focusing on education back in 2012,” he noted. “By the time the Dubai Blockchain Strategy was launched in 2016, regulators already had a strong understanding of the technology. From there, the shift toward licensing, regulation, and crypto adoption accelerated.”
He highlighted a major milestone in 2018 when the Dubai Multi Commodities Centre issued the first license for over-the-counter crypto trading — a license he personally received. Dr. Marwan shared these insights during a panel at the Bitcoin MENA Conference in Abu Dhabi, where speakers discussed the evolution and future of digital assets in the UAE.
The event coincided with a major development in the sector: Binance, the world’s largest cryptocurrency exchange, recently secured approval from Abu Dhabi’s financial regulator to operate fully.
Austin Alexander, partner at 10x Capital and moderator of the session, described it as a significant moment. He noted that Binance received regulatory clearance in just three and a half years — a timeline he considered remarkably efficient. “With continued collaboration between banks and crypto firms, the UAE has the potential to become the most liquid and active Bitcoin market globally,” Alexander said. “We could realistically see it evolve into the Wall Street of the Bitcoin era.”
Dr. Marwan echoed this sentiment, adding confidently: “This region has always been the capital of capital. Now it’s simply a matter of who chooses to build here.”
A Unique Regulatory Advantage
Panelists agreed that the UAE’s biggest strategic advantage is clarity. Unlike many countries struggling to classify or regulate digital assets, the UAE provides multiple licensing paths depending on the business model. Jurisdictions such as VARA in Dubai, ADGM in Abu Dhabi, and DMCC’s Crypto Centre allow companies to select frameworks best suited to their operations.
Paul Dawalibi, CEO of Innovation City in Ras Al Khaimah — the world’s first free zone powered entirely by artificial intelligence — emphasized how this flexibility attracts global companies. “Here, regulators focus on business activity rather than debating whether a token is a security or a utility,” he said. “That approach creates confidence and encourages innovation.”
This regulatory clarity has already encouraged major international firms to establish regional bases in the UAE. European crypto platform Bitpanda recently secured a broker licence and partnered with banks in the UAE to support direct Bitcoin trading. In another milestone, the UAE Central Bank approved the launch of the nation’s first regulated multi-chain UAE dirham-backed stablecoin earlier this year.
From Niche Beginnings to a National Movement
The discussion also reflected on the early days of Bitcoin in the UAE — a time when interest was limited to just a small circle.
Dr. Marwan described how his personal journey with Bitcoin began while working as a forensic investigator with Dubai Police. What started as a curiosity soon became a passion. “I became deeply invested, mining aggressively, traveling to learn more, and reinvesting everything back into Bitcoin,” he recalled.
Austin added that in the early years, only “five or six people” in the country were experimenting with Bitcoin. “We organized small gatherings and even convinced a local pizza place to accept Bitcoin,” he said, demonstrating how grassroots the movement once was.
Paul humorously shared one of his earliest memories — spending Bitcoin on digital items in an online video game. “It wasn’t the smartest investment decision,” he joked. “The value of what I spent back then would surprise anyone today.”
A Future Built on Vision and Innovation
What began as a niche community of early believers has now evolved into a national strategy backed by strong regulation, global partnerships, and growing corporate engagement. With this momentum, many believe the UAE is on track to become one of the world’s most influential digital asset economies — perhaps even the global financial capital of Bitcoin.
