In light of the recent developments in the growing tech space, including the hype around NFTs and Web 3, as usual, the UAE has been a leader in innovation and at the forefront of creating a hub for the industry. From hosting some of the biggest international blockchain, crypto and Web 3 events, to accommodating the industries rapid growth and assisting with the implementation of regulatory authorities and guidelines on how to set up businesses in the space, to providing platforms to showcase NFTs, the region has taken the leap in the race to being the centre of the crypto, NFT and Web 3 world.

• ADGM: Abu Dhabi Global Market.

• Discord: A community based platform.

• DWTCA: Dubai World Trade Centre Authority.

• FSRA: Financial Services Regulatory Authority.

• FT: Fungible tokens.

• NFTs: Non-fungible tokens.

• VARA: Virtual Assets Regulatory Authority Dubai.

• Virtual assets: Defined in Dubai Law No. 4/2022 as ‘a digital representation of the value that can be digitally traded or transferred, or can be used as an instrument for exchange, payment or investment purposes, including Virtual Tokens, and any digital representation of any other value specified by the Authority in this regard’.