5th Edition of Future Blockchain Summit to Kick off on Monday

The fifth edition of the Future Blockchain Summit, the first and largest blockchain conference and exhibition in the Middle East region, will kick off on Monday at the Dubai World Trade Centre (DWTC).

Leaders, blockchain architects, and startups, more than 100 speakers, and over 800 investors in addition to spokespersons of the Abu Dhabi Global Market, Binance, Mastercard, Emirates Post, Emirates NBD Bank, and others will discuss during the four-day event the big opportunities in which blockchain could offer to the UAE and beyond.

During the summit, panel discussions will be held to tackle topics like ‘Mitigating Risks of Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs)’, ‘Regulations in the Metaverse’, and ‘The State of Bitcoin Mining and the Energy Problem’.

Moreover, workshops will be held which are set to discuss the future of digital assets and metaverse and blockchain for enterprise.

Prominent cryptocurrency exchanges and market makers including Coinstore, Coinfirm, the Hong Kong Digital Assets Exchange, OKX, KuCoin, Elliptic, Chainalysis, and Sun Zu Labs will attend the summit.

Regarding the event, General Manager International of Chainalysis Bas Lemmens lauded the UAE as a role model for other countries in establishing a crypto hub.

Also, General Manager for Dubai of Binance Alexander Chehade said: “Dubai is emerging as a fast-growing global hub in the virtual asset space, and we are committed to collaborating with colleagues and regulators in developing our industry in this region.”

According to a report issued by the International Data Corporation in February, blockchain spending in the Middle East and Africa is to go up 400% by 2023 from $21 million in 2019 to reach $105 million, with an annual growth rate of nearly 50%.

In a recent global survey by Accenture, 71% of respondents said moving to the metaverse will have a positive business impact.

Over the past weeks, the Emirati government and private institutions announced their intention to join the metaverse soon in light of its strategy to offer about 40,000 in this virtual world.

The UAE Ministry of Economy plans to launch its new headquarters in the metaverse to offer its services in the virtual world like the real-world headquarters.

Also, the Emirates Airline announced that it would train 4,000 new cabin crew in the metaverse as part of its plan to cut the role of the middleman.