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

ChainCatcher News, according to Jinse Finance, Dubai has recently launched a comprehensive financial industry reform plan aimed at propelling itself into the ranks of the world's top three financial centers.

The Dubai Government Media Office stated that under the newly introduced "Dubai Financial Sector Strategy" framework, virtual assets, capital markets, and fintech will become key pillars of Dubai's future economic growth. According to the Dubai government's plan, Dubai will leverage this financial industry reform initiative to accelerate the upgrade of its already leading digital asset infrastructure and promote the transformation of traditional finance into digital financial services. The virtual asset industry was established three years ago under the UAE Virtual Asset Law, and currently contributes about 0.5% to Dubai's 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%, or 13 billion dirhams (approximately 3.5 billion USD).