Intelligent CIO Middle East Issue 108 | Page 44

CIO OPINION
The UAE has proactively fostered crypto adoption and development through several strategic initiatives .
Dr Fadi Alhaddadin , Assistant Professor , Mathematical and Computer Sciences ,
Heriot-Watt University Dubai

Can GCC become a centre for Bitcoin and crypto mining ?

GCC countries have the potential to harness this formidable resource to drive economic diversification and by implementing sound policies , raising awareness , and utilising alternative energy sources , they could build a mining sector that supports economic and environmental goals , explains Dr Fadi Alhaddadin at Heriot-Watt University Dubai .

As global interest in cryptocurrency rises , so does the demand for energy-heavy Bitcoin mining operations . Leveraging abundant energy resources , forward-thinking leadership , and an increasingly digital economy , GCC countries like the United Arab Emirates are positioning themselves as potential hubs for Bitcoin and crypto mining .

For GCC economies , Bitcoin mining presents a valuable opportunity to reduce oil dependency . Gradually , these countries are shifting towards digital and knowledgebased economies and incorporating activities like crypto mining that aligns well with this vision .
By utilising cryptocurrency mining opportunities , Gulf countries can attract foreign direct investment , grow their digital economies , and diversify their income sources while making the most of their infrastructure and abundant energy resources .
The UAE has proactively fostered crypto adoption and development through several strategic initiatives . Abu Dhabi Global Market and Dubai Multi Commodities Centre have introduced policies that support crypto activities , and in 2023 , the Dubai Financial Services Authority rolled out regulatory frameworks to enable digital asset trading .
Additionally , Binance ' s collaboration with Dubai ' s Virtual Assets Regulatory Authority , VARA further reinforces the nation ’ s commitment to crypto growth . These steps underscore the UAE ’ s ambition to become a global hub
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