The UAE joins forces with Chainalysis to provide blockchain training to public entities

The UAE’s Department of Artificial Intelligence, Digital Economy and Telework Applications has signed a preliminary agreement with the blockchain data platform Chainalysis to provide virtual training programs for the country’s government units.

The UAE Chainalysis Center of Excellence will help government employees with knowledge of blockchain – the decentralized platform seen as a secure way to execute transactions – and other technologies that shape the future economy as digital assets, the ministry said in a statement on Tuesday.

“Blockchain technology is the key to creating innovative solutions for future challenges, helping to develop government work and new technologies that strengthen the UAE’s leading position globally,” said Omar Al Olama, Prime Minister of Artificial Intelligence, Digital Economy and Telework Applications.

“Strengthening partnerships with cutting-edge companies is a mainstay in increasing preparedness for the UAE Government through the exchange of experiences and global success stories.”

The United Arab Emirates has taken several steps to integrate the blockchain into the economy, government and society as part of the work to develop the economy of the future.

In May, Dubai’s Virtual Assets Regulatory Authority (Vara) announced that it had entered the metaverse with the creation of Metaverse HQ, making it the first regulator to have a presence in the new digital space.

Vara was established by Sheikh Mohammed bin Rashid, vice president and ruler of Dubai, in March under the Dubai Virtual Asset Regulation Law, the first law in the emirate to regulate virtual assets.

The body aims to create an advanced legal framework to protect investors and provide international standards for the management of the virtual asset industry in order to enable responsible business growth in the emirate.

In the capital, Abu Dhabi Global Market (ADGM) is collaborating with industry players and other regulators to develop a framework for managing emerging technology as part of its role in providing a safe and inclusive technological ecosystem.

In May, the ADGM Financial Services Regulatory Authority launched its fifth Regulatory Laboratory sandbox program, inviting FinTech organizations to present their ideas on decentralized applications.

“Where others are waiting on the sidelines, the UAE has taken commendable steps towards establishing itself as a global blockchain and cryptocurrency hub,” said Michael Gronager, CEO and co-founder of Chainalysis.

The global blockchain market is estimated to reach nearly $ 7.18 billion this year and about $ 164 billion by 2029, with a compound annual growth rate of over 56 percent from around $ 4.7 billion in 2021, Fortune Business Insights said.

The Chainalysis program will play an integral role in building a smart future for the UAE, Al Olama said.

The training will cover topics including economic opportunities and risks in the blockchain sector, virtual assets in the UAE and the Middle East and the challenges they face, the regulatory and political perspective of virtual assets and other related discussions.

The UAE government has already developed an advanced digital infrastructure, which will be a “springboard in accelerating digital transformation and strengthening the UAE’s global competitiveness”, the minister said.

The UAE Government and Chainalysis also aim to achieve the goals of the National Program for Coders, which launched Coders HQ in January.

The agreement will provide an opportunity for people in the public sector to train on blockchain systems through collaboration with Coders HQ.

“We want to build trust in the blockchain and drive the adoption of digital assets,” said Bas Lemmens, general manager for Europe, the Middle East and Africa in Chainalysis.

Updated: July 5, 2022, 2:06 p.m.