PANews reported on October 13th that, according to Cailian Press, Dubai recently launched a comprehensive financial sector reform plan aimed at propelling it toward becoming one of the world's top three financial centers. The Dubai government's media office stated that under the newly released "Dubai Financial Strategy," virtual assets, capital markets, and financial technology will become key pillars of Dubai's future economic growth. According to the Dubai government's plan, this financial sector reform plan will accelerate the development of Dubai's already leading digital asset development and promote the transition from traditional finance to digital financial services.

The virtual asset industry, established three years ago under the UAE Virtual Assets Law, currently contributes approximately 0.5% of GDP, or AED 2.2 billion (US$ 600 million). Dubai aims to increase this contribution to approximately 3%, or AED 13 billion (US$ 3.5 billion), as the virtual asset ecosystem expands.