We attended the inaugural Blockchain Summit and Awards, which took place in Dubai. The two-day event demonstrated once again how rapidly the cryptocurrency market has expanded since its inception in 2009. Despite the cloudy macroeconomic outlook and the bearish market sentiment, the event’s attendance exhibited every sign of expansion and hope.
The Blockchain Summit and Awards organized by Vertex Events and in partnership with Cashaa brought together the brightest minds in the space. Attendees included industry experts, influencers, entrepreneurs, and ministers to discuss the future of crypto, blockchain, DeFi, GameFi, NFT, and Metaverse.
A dramatic market decline with uncertainties of a global recession, the demise of Terra Luna, and the downfall of FTX, the second-largest cryptocurrency exchange at the time, all contributed to a turbulent 2022 for the industry. These incidents have created an atmosphere of deep distrust and fear among retail market participants in the space. However, as the industry grapples with another crypto winter, the broader crypto community remains resilient. Our attendance at other illustrious summits, such as the World Blockchain Summit in Bangkok and the most recent World Economic Summit in Davos, provided further evidence of this bullish long-term outlook.
As we made our way through the main conference hall of the Blockchain Summit held at the Grand Hyatt, it was clear that the mood among attendees was one of optimism and excitement for the future of the crypto industry. The summit’s laid-back yet lively atmosphere offered the perfect setting for networking opportunities. Attendees had the chance to interact with one another outside of the scheduled panel discussions at events like the networking reception, high tea, and the event’s closing Gala dinner.
Over 50 speakers made up the impressive speaker lineup at the Blockchain Summit. The summit was a showcase of the best and brightest in the industry, including venture capitalist and longtime Bitcoin bull Tim Draper, well-known crypto influencers like Carl Runefelt, and founders of prominent crypto exchanges like WazirX and Bitbns. Furthermore, government officials like The Minister of Rural Development of the Congo, Mr. Francois Rubota Masumbuko, offered an intriguing perspective on Africa as a developing market for innovation and blockchain use.
Dubai: A Hub for Crypto Innovation
Our discussions at the Blockchain Summit also emphasized how Dubai is becoming a major hub for crypto. As the crypto market continues to steadily grow, Dubai is leading the MENA region in crypto and blockchain technology adoption. The city is quickly making a name for itself as a hub for blockchain and cryptocurrency enthusiasts, competing with other major crypto hubs like Singapore.
Our discussions highlighted that Dubai has developed into a hotbed of innovation and investment in the crypto space thanks to its pro-business policies, favorable tax environment, and state-of-the-art technology infrastructure. The establishment of the Dubai Multi-Commodities Center (DMCC) crypto center and the city’s progressive attitude toward emerging technologies have drawn a large number of entrepreneurs, investors, and industry professionals who are hoping to make a mark in the rapidly developing cryptocurrency sector.
Furthermore, the government established the Virtual Assets Regulatory Authority (VARA) to establish rules and issue licenses for crypto companies looking to operate in the United Arab Emirates. This proactive approach by the Dubai Government of overseeing the crypto sector rather than stifling it has resulted in drawing in leading crypto firms like Kraken, Binance, and Bybit to Dubai.
Through the several informal networking sessions organized at the summit, we were also able to learn about how several businesses in Dubai are accelerating crypto adoption by accepting cryptocurrency as payment.
Closing Thoughts
Dubai has once again taken center stage in the crypto world, as the city hosted the latest blockchain summit. The summit in Dubai was a whirlwind of innovative ideas and stimulating debates, covering topics like the future of web3, the use of blockchain in developing countries, the possibility that decentralized finance will soon become the new norm, and the potential effects of blockchain technology on the future of the gaming industry.
Overall, the Blockchain Summit in Dubai showcased the industry’s general sentiment of optimism and excitement. Summits like this illustrate the enduring promise and potential of cryptocurrencies and the industry’s resolve to weather any market condition and challenges.
