UAE Ministry of Economy shows support for Blockchain, digital assets, and digital identity

DEX (Digital Assets Exchange) a leading regulated crypto and digital asset exchange in the UAE that will allow retail and institutional investors from the UAE, GCC and Global markets to deposit fiat into a regulated exchange in their native currency is working towards the digitization of UAE Economy utilizing digital asset trading.

Chief Executive Officer of DEX Leon Smith met with Undersecretary of Ministry of Economy for Foreign Trade H.E. Abdulla AlSaleh to discuss the importance of digital assets as a fundamental requirement for a digital economy in the UAE. “H.E. Al Saleh stated, “Digital assets, digital identity, and smart contracts are the basic infrastructure for developing a digital economy, because they simplify and ease the trade of products and services between participants within the ecosystem and across it. As such we are proud that ADGM (Abu Dhabi Global Market) has been one of the first global markets to regulate this new asset class which we believe will not only expand the digital economy, and create synergies but also attract foreign investment into the UAE.””, said H.E. Al Saleh.

DEX (Digital Assets Exchange) earlier this year secured in principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a Crypto Asset Exchange as part of the wider digital asset regulatory ecosystem developed over the past year by the FSRA.

“This is a significant milestone achieved for DEX and we are excited to be a part of the United Arab Emirates’ (UAE) financial growth. It’s exciting to be a part of a regulatory landscape that will help shape the international digital asset exchange ecosystem and encourage institutional participation in digital assets as an alternative asset class. We also strongly believe that by digitizing assets we are creating the fundamentals for a digitized economy not only within the UAE but globally”, said Mr. Smith.

The UAE has been at the forefront of digitization efforts whether in the governmental or private sector. The Emirates, the second-biggest economy in the Arabian Gulf, ranks first in the region in terms of FDI inflows, which in 2018 amounted to $10.4bn (UAE Central Bank Report XXXX 2018).

In a digital economy connectivity is paramount and digital assets play a significant role in the context of the movement towards a digital economy of scale. The utilization of digital assets and distributed ledger technology variants will enable growth in the medium term. Digital assets will allow the introduction of new forms of illiquid asset ownership in a regulated environment. This will increase transparency, efficiency and liquidity in the global marketplace.