Crypto News – As part of its efforts to establish the greatest cluster of new-age tech companies in the Middle East and North Africa (MENA) region, Dubai has begun to issue commercial licenses to AI and Web3 businesses at a 90% subsidy.
Dubai Gives Licenses to Attract AI and Web3 Firms to the Region
An aspiring digital cluster, the Dubai AI and Web 3.0 Campus revealed its intention to discount the license fees for businesses wishing to establish a presence in Dubai, United Arab Emirates. As the city prepares for an infusion of international talent and diversified investors, the licenses will be awarded by Dubai International Financial Centre (DIFC).
We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation.
Mohammad Alblooshi, DIFC Innovation Hub CEO
Dubai Also Gives Operational Licenses
Dubai has granted operational permits to cryptocurrency exchanges in addition to luring talent. Laser Digital Middle East FZE, Nomura’s cryptocurrency division, received an operating permit from Dubai’s Virtual Asset Regulatory Authority (VARA) earlier in August. Laser Digital would be able to provide broker-dealer, virtual asset management, and investment services in the emirate with the new virtual asset service provider (VASP) license.
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