Dubai announces the launch of a financial sector reform plan, listing virtual assets as one of the three pillars

According to a Cailian News Agency report on October 8th, Dubai recently launched a comprehensive financial reform program aimed at transforming itself into one of the world's top three financial centers.

The Dubai Government Media Office stated that under the newly launched "Dubai Financial Strategy," virtual assets, capital markets, and fintech will become key pillars driving Dubai's future economic growth.

The plan calls for Dubai to leverage this reform to further upgrade its already leading digital asset infrastructure and accelerate the digital transformation of traditional financial services.

The virtual asset industry, established three years ago under the UAE Virtual Assets Law, currently contributes approximately 0.5% to Dubai's GDP, or approximately 2.2 billion dirhams (approximately US$600 million). As the virtual asset ecosystem continues to expand, Dubai plans to increase this contribution to approximately 3%, or 13 billion dirhams (approximately US$3.5 billion).

Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, confirmed on Sunday via his social media accounts that Dubai, a hub for commerce, tourism, and finance in the Middle East, now boasts the world's largest licensed virtual asset market. So far this year, transactions under the supervision of the Virtual Asset Regulatory Authority (VARA) have reached nearly 2.5 trillion dirhams (about 681 billion US dollars).