Dubai launches financial sector reform plan, listing virtual assets as one of the three pillars

ChainCatcher news, according to Caixin, Dubai has recently launched a comprehensive reform plan for its financial industry, aiming to position itself among the top three financial centers in the world.

The Dubai Government Media Office stated that under the newly introduced "Dubai Financial Industry Strategy," virtual assets, capital markets, and financial technology will become key pillars for Dubai's economic growth in the future. According to the Dubai government's plan, Dubai will leverage this financial industry reform to accelerate the upgrade of its already leading digital asset construction and promote the transformation of traditional finance into digital financial services. The virtual asset industry was established three years ago under the UAE Virtual Assets Law, currently contributing about 0.5% to its GDP, which is 2.2 billion dirhams (approximately 600 million USD). As the scale of the virtual asset ecosystem gradually expands, Dubai aims to increase this contribution to around 3%, which is 13 billion dirhams (approximately 3.5 billion USD).