Built in Dubai, made for the world: Inside the city’s blockchain boom

Perhaps the best way to understand Dubai’s evolution in the ‘future-tech’ space is through a story shared by Dr. Marwan Al Zarouni, Head of the Dubai Blockchain Centre.“Back in 2014, when we hosted Dubai’s first blockchain conference, people would ask, ‘What’s blockchain?’” Fast forward to 2024, and the United Arab Emirates (UAE) ranks third globally in crypto and blockchain adoption (Henley Index), with Dubai at the epicentre — home to 400 blockchain firms, a dedicated National Blockchain Centre, accelerators, incubators, and a growing list of real-world use cases in decentralised finance (Defi) and smart ’s embrace of a sector often met with global regulatory skepticism isn’t accidental. It’s rooted in the city’s push to diversify from oil and position itself as a hub for emerging tech. The strategy builds on its key advantages: progressive regulation, government buy-in, talent, energy and infrastructure readiness, and patient capital. Companies such as Ripple, Coinbase, and Polygon are not just operating in Dubai — they're building innovative use cases for the world from here. Some examples include blockchain-enabled Digital ID system ‘UAE Pass’ and the real estate tokenisation pilot by Dubai Land regulation to ecosystem to adoptionDubai’s blockchain ecosystem is built on a solid facilitation pyramid — regulation, infrastructure, and Khurana, Founder of Reflexical, highlights that, unlike many jurisdictions, Dubai has never reversed its liberal approach to blockchain and digital assets. Legal clarity is provided by the UAE’s Securities and Commodities Authority (SCA), while the Virtual Assets Regulatory Authority (VARA) — the world’s first digital assets regulator — acts as a regulatory sandbox for real-world testing. Free zones such as DIFC (Dubai International Financial Centre) and DMCC (Dubai Multi Commodities Centre) add further flexibility. For instance, DIFC’s Digital Assets Law sets out clear rules for digital asset management and regulatory clarity has spurred ecosystem development. At the apex is the Dubai Blockchain Centre, which has the mandate to educate government bodies, regulators, and businesses, making blockchain accessible and enabling real-world applications. Area 2071 is an innovation hotspot, a co-creation space where innovators, creators, and entrepreneurs use labs, incubators, and networks to solve concrete problems laid down by Dubai’s Centennial Vision to Gaurav Dubey, CEO of TDeFi and a blockchain investor, startups coming into Dubai must engage with incubators and accelerators. He is part of a DMCC accelerator programme that offers no-cost access to mentorship, credits from big tech companies, and government-led pilot projects. The DIFC Innovation Hub has recently partnered with Ripple to create a platform connecting tech firms, regulators, VCs, and educational per Khurana, Dubai thrives on its micro-communities. Events, including Token2049, Future Blockchain Summit, and various hackathons, create consistent engagement and learning environments : Where Dubai finds its blockchain rhythmAccording to Khurana, blockchain has experimented with a lot of use cases — from the metaverse to non-fungible tokens or NFTs — but has found firm ground in three areas in Dubai:Digital assets as paymentsDecentralised Finance (DeFi)Smart contractsDubey points out that digital assets/crypto payments are now mainstream in Dubai. Residents can use crypto to pay taxes, buy property, shop for luxury items, pay credit card bills, or even pay salaries. The DIFC now supports tokens such as USDC and EURC. Ripple also recently became the first company licensed by the DFSA to explore tokenised payments. The upcoming launch of the Digital Dirham will further strengthen this momentum.According to Dr. Al Zarouni, blockchain-based smart contracts, especially when combined with artificial intelligence (AI), are emerging as a major area of adoption. Dubai Land Department’s real estate tokenisation pilot allows for fractional property ownership — a market estimated to be worth $16 billion by 2033. Developers such as DAMAC now accept crypto payments using smart contracts, streamlining property is another promising frontier. Dr. Marwan mentions Circular Protocol, a decentralised science (DeSci) startup working on automating clinical trials and ensuring transparent, tamper-proof data auditing. Smart contracts are also being used for auto-processing insurance claims. As he puts it, “Blockchain use cases are being built in Dubai to be exported to the world.”120900071India-Dubai collaboration: A two-way streetAccording to Sumanta Roy, Head of Tata Consultancy Services, Middle East and Africa, “There is growing synergy between India’s blockchain talent and Dubai’s enabling environment.” In 2024, Dubai Internet City partnered with the National Association of Software and Service Companies (NASSCOM) to support Indian entrepreneurs. DIFC also signed an MoU with NASSCOM to bolster fintech collaboration. T-Hub has partnered with Dubai CommerCity to provide Indian startups with regulatory, infrastructure, and market access Dr. Marwan, a key area of collaboration is the UAE’s blockchain-powered digital ID platform, UAE Pass, and India’s Aadhaar framework. Dubai can offer a good opportunity for Indian firms to build Unified Payments Interface (UPI)-inspired blockchain payment — this could particularly benefit Dubai’s retail and small and medium enterprise (SME) sectors, as most UPI transactions are small-scale (under ₹500). In short, several opportunities exist for blockchain startups in Dubai’s government ecosystem, real estate, DeFi, DeSci, in creating new solutions in a ‘sandboxing environment’ and India-Dubai tech collaboration. Our interviewees highlighted some practical tips for building and growing in Dubai –a) Selection of free zones based on activity and facilities offered. For example, the DMCC hosts 500+ crypto/Web3 firms (50 of which are Indian). It provides flexible licensing to crypto trading, mining, and DeFi services with a 0% corporate tax in free zones. b) Adapting to the evolving regulations from the Central Bank, VARA, and free zones. In February 2025, VARA strengthened its monitoring of unlicensed exchanges, calling for mandatory third-party audits for smart contracts in DeFi. c) Embedding in the micro-communities and various incubator, accelerator, and mentorship ’s blockchain journey is steadily moving from potential to execution. Backed by government support and a growing ecosystem, the city is laying the groundwork for practical applications. For businesses exploring use cases in finance, real estate, or digital assets, Dubai offers a testbed where ideas can be built, scaled, and brought to the global market. Dubai is the only place where your landlord, lawyer, and latte could all be on article is authored by Shraddha this link for more on Business in – This article is a part of a featured content series on Business in Dubai.