Dubai has demonstrated over the past twelve months that it has its sights set on becoming a regional hub for innovation, and we have further evidence of that strategy today with news that the city is now enticing artificial intelligence (AI) and Web3 businesses with an unprecedented offer — commercial licenses at a 90% subsidy.<h2 id="header-0">AI and Web 3.0 Campus</h2>The focal point of this strategic move is the Dubai AI and Web 3.0 Campus, a burgeoning tech haven designed to foster innovation and collaboration. The campus recently<a href="https://www.difc.ae/newsroom/news/dubai-ai-and-web-30-campus-introduces-specialised-licensing-solutions-tech-firms-looking-scale-their-business-region/" rel="noopener noreferrer nofollow"> unveiled</a> its decision to heavily subsidize licenses for companies choosing to establish a foothold within the city, publishing details of the move on Monday via a press release. The issuance of these licenses falls under the auspices of the Dubai International Financial Centre (DIFC), underscoring the city’s determination to attract global talent and diverse investment opportunities.Mohammad Alblooshi, CEO of DIFC’s Innovation Hub, expressed confidence in the power of this initiative, stating:“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.”The Dubai AI and Web 3.0 Campus is geared up to cater to its prospective denizens, equipped with cutting-edge AI lab facilities, comprehensive training programs, essential hardware support, and accelerator initiatives.All enterprises setting their sights on seizing the opportunity presented by the 90% subsidized commercial licenses are required to follow an application process.<h2 id="header-1">Crypto trading licensing</h2>Dubai’s tech evolution extends beyond AI and Web3 realms. The city has been proactive in granting operational licenses to cryptocurrency exchanges, marking yet another stride toward its tech-driven future.In a recent development, Nomura’s crypto arm, Laser Digital Middle East,<a href="https://medium.com/&#64;coinness.gl/nomuras-crypto-subsidiary-secures-dubai-vara-license-5d518ba7bf57" rel="noopener noreferrer nofollow"> secured</a> an operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This coveted license empowers Laser Digital to provide broker-dealer services and manage virtual asset investments within the emirate.The progressive regulatory approach taken in Dubai has led to crypto exchanges such as Bybit,<a href="https://medium.com/&#64;coinness.gl/bybit-chooses-dubai-for-global-hq-d200c0fca18c" rel="noopener noreferrer nofollow"> choosing</a> the city as the location for its headquarters. In June MENA-focused digital assets platform BitOasis became the first crypto company to be<a href="https://medium.com/&#64;coinness.gl/bitoasis-obtains-first-early-stage-broker-dealer-license-in-dubai-9679fa6cfd68" rel="noopener noreferrer nofollow"> awarded</a> a broker dealer license by the Dubai regulator.The regulatory approach taken in Dubai is proving to be progressive yet firm. The emirate hasn’t made the mistake of opting for ineffective light touch regulation that would attract the wrong type of crypto startup.That’s evidenced by the response of VARA to the establishment of the OPNX exchange within its jurisdiction. OPNX was founded by Su Zhu and Kyle Davies, the founders of failed Singapore-based crypto hedge fund, Three Arrows Capital (3AC). VARA<a href="https://medium.com/coinmonks/dubai-regulator-issues-reprimand-to-opnx-founders-dbfb0ddc9c02" rel="noopener noreferrer nofollow"> issued</a> the business’ founders with a reprimand earlier this year, for establishing a crypto-related platform in Dubai without having obtained a crypto trading license.Dubai’s willingness to embrace innovative technologies, coupled with its strategic initiatives and progressive regulation, is propelling it to the forefront of the global tech revolution. As it beckons AI and Web3 pioneers with enticing subsidized licenses and facilitates the growth of the cryptocurrency ecosystem, Dubai is carving a unique niche as a hub of technology and innovation and exploiting the potential growth opportunity that presents as a consequence.

Dubai Tempts AI and Web3 Enterprises With Subsidized Commercial Licenses

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