Sheikh Mohammed praises Sheikh Maktoum for driving Dubai’s virtual assets growth

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, praised the growth of Dubai Virtual Assets Regulatory Authority under Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and UAE Minister of Finance, and Chairman of the Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai

Sheikh Mohammed said on X, “Three years ago, we made the decision to establish a new authority, the Dubai Virtual Assets Regulatory Authority, under the supervision of Maktoum Bin Mohammed. Today, Dubai leads as the world's largest licensed virtual assets market, with trading volumes exceeding Dhs 2.5 trillion since the start of the year.

“A completely new economic sector has been added to our national economy in just three years.

Thank you, Maktoum Bin Mohammed. With you, we are confident in the future of our national economy.”

Dubai has emerged as the world’s single largest licensed Virtual Assets (VA) market, with year-to-date VA transaction volumes across regulated entities under the Virtual Assets Regulatory Authority (VARA) of Dubai estimated at nearly Dhs2.5 trillion, further solidifying the emirate’s status as a leading global financial hub.

This landmark achievement stems from the forward-thinking vision of Sheikh Mohammed to regulate the virtual assets market.

The Dubai Financial Sector Strategy will roll out 15 transformative programmes over the next three years to drive growth and shape the future of global finance. The projects will focus on critical areas including capital markets, asset and wealth management, SME financing, virtual assets, and FinTech.