Dubai has announced the launch of a financial industry reform plan, with virtual assets being listed as one of the three main pillars

October 13th. As per Caixin, Dubai has recently launched a comprehensive financial reform plan with the intention of propelling itself into the top three financial centers globally. The Dubai Government Media Office declared that within the new "Dubai Financial Industry Strategy" framework, virtual assets, capital markets, and financial technology will serve as key pillars for Dubai's future economic growth. According to the Dubai government's plan, Dubai will utilize this financial industry reform plan to expedite the upgrading of Dubai's already leading digital asset infrastructure and drive the transformation of traditional finance into digital financial services. The virtual asset industry was established three years ago based on the UAE Virtual Asset Law and currently contributes approximately 0.5% to its GDP, which is around 22 billion dirhams (approximately $6 billion). As the ecosystem of virtual assets continues to expand, Dubai aims to raise this contribution to around 3%, equivalent to 130 billion dirhams (approximately $35 billion).