Dubai has been declared as the world's largest licensed virtual assets market following approval from Sheikh Maktoum bin Mohammed. With over 40 licensed service providers and trading volumes reaching AED 2.5 trillion this year, this development underlines Dubai's commitment to leading future economic sectors.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, has officially approved the financial sector strategy for the Emirate of Dubai. This announcement was made during a meeting with the Supreme Committee dedicated to advancing economic and financial sectors and their transformative projects. His Highness emphasized that Dubai is now recognized as the largest licensed virtual assets market in the world.

In a post on his "X" platform account, His Highness stated: "We have endorsed the financial sector strategy for the Emirate of Dubai during our meeting with the Supreme Committee responsible for developing economic and financial sectors along with their transformative projects. We also reviewed key achievements from the Dubai Financial Market and examined accomplishments by the Dubai Virtual Assets Regulatory Authority (VARA). Currently, Dubai stands as the world's largest licensed market for virtual assets, boasting over 40 licensed providers offering virtual asset services. The trading volume in this market has reached AED 2.5 trillion since the beginning of this year. This progress reflects the forward-thinking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, who introduced pioneering legislation to regulate virtual assets three years ago to cement Dubai's leadership in future economic and financial domains."

His Highness added: "We remain committed to pursuing leadership roles while enhancing our financial and economic systems, aiming to transform Dubai into an inspirational model within emerging economic sectors and a hub for future economies."