Real estate developer Salvatore Leggiero has revealed the initial design of the Bitcoin Tower in Dubai, which will have both a physical and virtual version in the metaverse. Leggiero hopes to build the tower near Sheikh Zayed Road, where Dubai's famous skyline resides, and believes it could solidify the UAE's leadership position on crypto.

He also expressed his desire for the project to be open and mentioned the possibility of creating a Decentralized Autonomous Organization (DAO).

The UAE's regulatory framework is more streamlined and business-friendly than the complex and fragmented regulatory environment in the United States, according to Saqr Ereiqat, co-founder of venture building company Crypto Oasis.