Since Bitcoin’s first fledgling steps in 2009, crypto’s highs and lows have kept investors on their toes, but with the UAE’s solid push on blockchain regulation and infrastructure, the region is now shaping up to be a serious player in the future of digital assets
As a forward-looking hub for business, technology, and innovation, the UAE has long served as a meeting point for entrepreneurs and trailblazers alike, so it’s no surprise that it has welcomed the blockchain movement with open arms. With all the right ingredients for success, including low corporate tax, strong access to capital, a hustle-driven culture, and solid infrastructure and regulations, the country offers an ideal environment for cryptocurrencies to flourish and potentially reshape the future of money. While the UAE takes a progressive stance, some investors are still erring on the side of caution as the sector is still in its infancy.
Always keeping a finger on the pulse, Katch has watched the crypto craze unfold in real time and even had the opportunity to handle the PR for the groundbreaking Global Titan Fight Series, the world’s first-ever NFT pay-per-view sports event. As an innovative PR agency, communication is always key, especially when it comes to making the whole concept of crypto digestible to the average Joe. We get it though; it’s your hard-earned cash, which is why building a level of trust and understanding between platforms and potential investors or traders is all the more important.
Traditional Finance
Before we get lost in the intricacies of blockchains, decentralised finance, and digital assets, let’s take a step back and look at what got us here. For many, the UAE is seen as a glamorous, sun-kissed metropolis, but for others, it’s all about the dirham signs. Long before the skyscrapers and supercars, the country had a natural edge when it came to trade, thanks to its strategic location between East and West and its access to oil. The government wisely reinvested that oil wealth into building a modern state, complete with top-tier infrastructure, strong public services, and sovereign wealth funds like the Abu Dhabi Investment Authority.
While the UAE has had no personal income tax and minimal corporate tax for most of its history, the rise of free zones in the 80s and 90s made it even more appealing to international businesses and banks. That same appeal now draws in a new wave of young finance professionals looking to kickstart their careers somewhere with big opportunities and fewer tax headaches than places like the UK. Naturally, many of these financially savvy, tech-forward expats are exploring crypto, and with the UAE’s modern infrastructure and open stance on innovation, a tonne of major platforms like Binance, Bybit, and OKX are setting up base here.
How the UAE Is Embracing Digital Assets
So, how is the nation backing crypto? As early as 2016, Dubai announced plans to put all government documents on the blockchain as part of a bigger vision to become the world’s first fully digitised government. Since then, the emirate has also introduced VARA (the Virtual Assets Regulatory Authority) to help make things like trading, investing, and launching crypto ventures a whole lot safer and more transparent. Most recently, in a historic move, Dubai’s Department of Finance announced a partnership with Crypto.com, which will allow individuals to pay for government service fees using large-cap cryptocurrencies.
Meanwhile, Abu Dhabi’s ADGM is leading the region’s FinTech scene with world-firsts like the FinTech RegLab and one of the most active sandboxes globally, while ADQ is backing startups spanning crypto wallets to blockchain-based security. Additionally, the capital is emerging as a key player in Bitcoin mining with Zero Two teaming up with Marathon last year to build the Middle East’s first large-scale sustainable Bitcoin mining operation, backed by Abu Dhabi’s sovereign wealth fund.
Ras Al Khaimah is also making some bold moves, with Sheikh Saud bin Saqr Al Qasimi launching the RAK Digital Assets Oasis in 2023, the country’s first free zone dedicated entirely to crypto, blockchain, and AI.
The Role of Communications and PR in Crypto
Clearly, the UAE is well-equipped to handle the demand for dealing in digital assets with a skilled workforce, the right technology, government support, and eager investors, however, the challenge lies in communicating crypto. Yes, the nation attracts plenty of tech bros who are already well-versed in things like DeFi, tokenomics, cold storage, and smart contracts, but for a lot of people, investing and trading blockchain currencies is daunting. While there are plenty of online resources to give investors a better understanding of how to get started, bridging the gap between curiosity and action can often come down to a strong PR strategy.
For us, it’s all about clear communication and storytelling – be it a crypto exchange like Coinbase or an NFT marketplace like OpenSea - the goal is to make the complex feel simple. Financial decisions happen fast here, and people want information that’s quick, digestible, and trustworthy, which means brands need to clearly show who they are, what they offer, and why they matter.
Global Titan Fight Series
As one of our most exciting and unconventional campaigns, Katch was brought on to handle PR for the Global Titan Fight Series, the world’s first NFT pay-per-view sports event. Originally scheduled to take place on May 14th, 2022, on the Burj Al Arab helipad and featuring retired boxing star Floyd Mayweather as the headliner, the monumental event offered fans who purchased an NFT access to the live stream and exclusive behind-the-scenes content. Although the event was eventually cancelled due to the unfortunate passing of Sheikh Khalifa bin Zayed Al Nahyan, the campaign still made serious noise as a pioneering moment in history.
Overall, the UAE has a knack for attracting global talent, the kind that’s capable of building the future and pushing digital currencies into the mainstream. With the market buzzing and stablecoins gaining serious traction, more people are dipping a toe (or diving headfirst) into the world of blockchain. That being said, crypto moves fast, and it’s not exactly light reading, so keeping things clear, digestible, and transparent is more important than ever.
For more related updates and to Katch us covering similar topics, watch this space!
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