Crypto and Progress in the UAE
In the third episode of VALR Unfiltered: Money, Meaning & Society, VALR’s CMO Ben Caselin hosts Bu Salem, a UAE native and Partnership Director at UPay, to discuss the UAE’s role as a crypto hub and progressive society. Recorded post-Token 2049 in Dubai, the episode explores blockchain adoption and the UAE’s vision for harmony and innovation.
Bu Salem describes the UAE’s evolution from humble origins to a global powerhouse, hosting over 200 nationalities. Visionary leadership, equitable laws, and safety foster inclusivity, while the UAE Space Agency’s achievements, like the Hope Mars Mission, reflect futuristic goals. The focus, Bu emphasises, is on “building humanity” beyond infrastructure.
The UAE leads in crypto with the Virtual Assets Regulatory Authority (VARA), the world’s first crypto-specific regulator, ensuring security and attracting entrepreneurs. VARA’s enforcement curbs fraud, making Dubai a crypto hub. Blockchain enhances real estate, with the Dubai Land Department regulating digital assets. The UAE’s Central Bank is developing a digital dirham (not yet launched), and courts recognize crypto for salaries. Banks increasingly support fiat-to-crypto exchanges and services like crypto lending and cards.
Sustainability and well-being are priorities. COP 28 and recycling initiatives highlight environmental commitment, while the Minister of State for Happiness promotes quality of life for locals and expatriates. The UAE’s humanitarian aid to countries like Turkey and Palestine, channeled systematically, reflects global responsibility.
Bu portrays the UAE as balancing modernity and tradition, guided by the ethos: “Your freedom is unlimited unless it affects another’s freedom.” AI, coding, and blockchain in education prepare citizens for the future. He believes any nation with strong leadership and fair laws can emulate this model.
This episode highlights the UAE’s crypto innovation and societal progress. Watch the full episode on YouTube for deeper insights.
Risk Disclosure
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.
VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).
Disclaimer: Views expressed in this article are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.
