A developer in Dubai has announced plans to build the world's first Bitcoin Tower Hotel, shaped like the iconic cryptocurrency. The 40-story tower will feature state-of-the-art technologies and eco-friendly materials, and guests will have the opportunity to use NFTs to unlock exclusive experiences. Additionally, guests can stake cryptocurrency to earn an annual percentage yield that can be used to cover their rental payments. The tower aims to pay tribute to the original cryptocurrency and showcase Dubai's commitment to connecting digital and physical assets.

Dubai is set to have the first-ever Bitcoin-themed hotel, the Bitcoin Tower, which will be a 40-story architectural monument celebrating the importance, value, and controversies surrounding Bitcoin. The hotel will embody blockchain technology and promote artificial intelligence and the reduction of carbon emissions.

BITCOIN TOWER, the first one in the world, will be built in Dubai

Ankr, a provider of blockchain infrastructure and services, has partnered with DMCC, the Dubai Multi Commodities Center, to support over 550 Web3 member businesses located within the DMCC Crypto Center. Ankr will offer its suite of services, including blockchain engineering, node infrastructure, Web3 gaming solutions, NFT marketplace solutions, staking, and decentralized finance products, to help accelerate the development of these businesses. 、

The 11th International Blockchain Life Forum will take place on October 24-25 in Dubai's Festival Arena, bringing together influential figures from the crypto industry. Over 7,000 visitors from 120 countries are expected to attend, with more than 80 speakers sharing their insights on upcoming trends and world-changing ideas. Attendees can also look forward to networking opportunities, a startup pitch competition, and the Blockchain Life Awards 2023. Tickets are available at a discounted presale price, with a promo code for an additional 10% off.

Despite its ongoing battle with the Securities and Exchange Commission (SEC), Ripple is expanding into Dubai. CEO Brad Garlinghouse announced the move during the Dubai Fintech Summit, citing recent regulatory developments and the region's consumer base as reasons for the expansion. Ripple will open a new office in the Dubai International Financial Centre and host its annual customer conference in the UAE capital in November. Dubai's Virtual Assets Regulatory Authority has published a rulebook for regulating the crypto industry, with companies required to obtain a mandatory license.

Ripple's decision to expand its presence in Dubai by opening a new regional office in the Dubai International Financial Center has sparked reactions from the crypto community, with some speculating that the company may be planning to move out of the United States. Navin Gupta, Ripple's South Asia and MENA Managing Director, compared the regulatory environment for crypto in the Middle East and North Africa (MENA) to that of the US in a recent interview with CoinDesk TV. Gupta praised UAE regulators for being more open and friendly, making it easier for crypto-related companies to have meaningful dialogue with them and quickly mobilize team members. Other top stakeholders, including Coinbase CEO Brian Armstrong, have also praised UAE regulators for being forward-thinking with crypto and creating an enabling environment for crypto businesses.

Dubai's crypto regulator, the Virtual Assets Regulatory Authority (VARA), has formally reprimanded OPNX, a bankruptcy claims exchange set up by the founders of collapsed hedge fund Three Arrows Capital (3AC), for operating an unregulated exchange. The reprimand was sent to OPNX's founders Kyle Davies, Su Zhu, Mark Lamb, Sudhu Arumugam, and CEO Leslie Lamb.

Crypto exchange Bybit has opened its global headquarters in Dubai, nearly a year after announcing plans to establish itself in the emirate. The move comes as Dubai seeks to position itself as a progressive digital assets hub in the MENA (Middle East and North Africa) region. Bybit CEO and co-founder Ben Zhou said that Dubai is "optimally positioned to capture the opportunities in the sector." The launch comes after Bybit faced layoffs and penalties in other countries during the recent crypto industry downturn. Dubai is one of seven emirates that form the United Arab Emirates and is aspiring to become a leading crypto hub in the Middle East.

Cryptocurrencies are not recognized as legal money in the United Arab Emirates, and the Central Bank of the UAE really hasn’t issued any licenses for their use. Cryptocurrency assets, meanwhile, are not restricted in any way and may be exchanged freely on dedicated markets.