Dubai Sets 3-Pillar Finance Plan With Virtual Assets Core

• Dubai’s financial reform plan named virtual assets, capital markets, and FinTech as key pillars of growth.
• The emirate aims to double the financial sector’s GDP contribution within the next decade.
• VARA-regulated entities recorded Dh2.5 trillion in virtual asset transactions this year.

Dubai has unveiled an ambitious reform plan for its financial sector, setting its sights on becoming one of the world’s top three financial centers. 

The initiative, called the Dubai Financial Industry Strategy, outlines a roadmap for strengthening the emirate’s economy through innovation, regulation, and digital transformation.

Virtual Assets, Capital Markets, and FinTech as Core Pillars

As per a statement, the plan has identified virtual assets, capital markets, and financial technology as the key pillars driving future growth. The shift represents Dubai’s intention to double the financial sector’s contribution to GDP over the next decade.

Under this framework, Dubai plans to accelerate its transition from traditional finance to digital-first services, leveraging its already advanced digital asset infrastructure. 

The government estimates that the virtual asset industry, which currently contributes about 0.5% to GDP (Dh2.2 billion), could expand its share to around 3% (Dh13 billion) as the ecosystem matures.

Related: UAE Signs CARF Deal, Crypto-Asset Reporting Framework Starts 2027

Expanding the Virtual Asset Ecosystem

The virtual asset market in Dubai, established three years ago under the UAE’s Virtual Assets Law, has rapidly evolved into a global powerhouse. 

According to the Dubai Government Media Office, transaction volumes across entities licensed by the Virtual Assets Regulatory Authority (VARA) have reached nearly Dh2.5 trillion ($681 billion) so far this year.

More than 40 virtual asset service providers now hold licenses under VARA, supported by another 600 companies engaged in technology, advisory, or proprietary trading. 

Unified Regulation and Strategic Coordination

In August, Dubai and the UAE’s Securities and Commodities Authority (SCA) partnered to align their crypto licensing frameworks, eliminating overlapping procedures for companies operating across jurisdictions. 

The collaboration introduced shared supervisory mechanisms, real-time data sharing, and a national register of approved service providers, ensuring robust compliance while encouraging innovation.

Approved by Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and Minister of Finance, the strategy also supports the D33 economic agenda, which aims to double the emirate’s total economy within 10 years. 

Fifteen transformative programs are expected to launch over the next three years, focusing on capital markets, asset management, SME financing, and fintech innovation. Dubai currently ranks 11th in the Global Financial Centres Index, up from 16th last year.

Related: VARA Penalizes 19 Crypto Firms for Operating Without Licenses in Dubai