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 sector, aiming to position itself among the world's top three financial centers.

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 future economic growth in Dubai. According to the Dubai government's plan, Dubai will leverage this financial 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 Assets Law and currently contributes about 0.5% to its GDP, which is 2.2 billion dirhams (approximately 600 million USD). As the virtual asset ecosystem gradually expands, Dubai aims to increase this contribution to around 3%, or 13 billion dirhams (approximately 3.5 billion USD).