SmartLedger turns its attention to the Middle East, launches new hub in Dubai
Blockchain distribution channel SmartLedger has launched a new hub in Dubai as part of efforts to expand its offerings into new terrains.
Dubbed “Blockchain Smart Technologies”, the new hub will act as SmartLedger’s subsidiary covering North Africa, the Middle East, Southeast Asia and India. Creating a new entity in Dubai will offer SmartLedger many advantages, including a wider reach into previously untapped markets.
The DLT infrastructure provider revealed in a press briefing that Dubai was chosen as the new regional hub, given the Emirate’s stance on the use of digital assets and the underlying technology. Eva Porras, CEO of Blockchain Smart Technologies, revealed that choosing to operate in Dubai is a symbiotic relationship that will bring benefits to Dubai’s government and its private sector.
“We are thrilled to be part of the blockchain ecosystem in Dubai. This expansion represents a significant milestone for our company as we continue to grow and expand our presence in the Middle East and beyond,” Porras said.
Porras added that Dubai gets several benefits as the company hosts its economy and infrastructure development. The company’s CEO revealed that “Blockchain can be used to facilitate secure and transparent financial transactions” and can be expanded to streamline the delivery and accessibility of public services.
She noted that Blockchain Smart Technologies could also distribute proof of ESG to manage carbon credit systems and ensure transparency in the environmental practices of companies.
SmartLedger has deep roots in the DLT industry, with over 250 patented solutions, 20 enterprise applications and a presence in 35 countries.
Dubai’s appeal to firms with digital assets
Dubai’s appeal to service providers in the virtual currency field is no accident. Instead, there is a concerted effort by the regulators to attract industry-leading players. The first phase of the plan was the passing of Law No. 4 of 2022, Regulating Virtual Assets in the Emirate of Dubai, igniting international interest.
The ground-breaking law established the Dubai Virtual Assets Regulatory Authority (VARA), a regulatory body with the power to issue licenses to operators wishing to set up shop in the emirate. With clear and concise requirements, several international companies received licenses to operate in the region.
Apart from the presence of a favorable regulatory environment, Dubai’s government has unveiled a number of DLT-backed projects, such as its metaverse strategy that seeks to provide 40,000 jobs in the coming years.
Zooming out, the United Arab Emirates (UAE) revealed that 300 digital firms are on its radar, and it wants to lure them into the country by offering benefits such as golden visas and residency permits without the need for a sponsor.
See: BSV Global Blockchain Convention presentation, Sentinel Node: Blockchain Tools to Improve Cybersecurity
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