Dubai Offers 90% Subsidy on Licenses for AI and Web3 Businesses

• Dubai International Financial Centre (DIFC) will be issuing the licenses.
• Businesses can apply for subsidized business licenses by filling out a registration form.

Dubai has begun granting commercial licenses to AI and Web3 businesses at a 90% subsidy. This is part of an effort to build an unparalleled hub of cutting-edge technology enterprises in the MENA region,

Emerging tech center Dubai AI and Web 3.0 Campus has decided to subsidize licenses for businesses that want to establish a presence there. Dubai International Financial Centre (DIFC) will be issuing the licenses. This is an effort to attract skilled workers and investors from across the world.

Technology such as artificial intelligence (AI) labs, training programs, supporting hardware, and accelerator programs are all a part of the campus’s pitch to potential occupants. Moreover, businesses that are interested in applying for subsidized business licenses must do so by completing a registration form.

Attracting Crypto Firms

Dubai has issued operating licenses to cryptocurrency exchanges, which has helped the city recruit both skilled workers and new businesses. Nomura’s crypto division, Laser Digital Middle East, was granted a business license by Dubai’s Virtual Asset Regulatory Authority at the beginning of August. Also, the Swiss business will begin providing trading and digital asset management in the area in the coming months, according to the announcement.

Binance FZE, the Dubai branch of Binance, has also been granted a license from the Virtual Assets Regulatory Authority (VARA) of Dubai. In order to operate as an exchange and broker-dealer in Dubai recently. Binance FZE has received an operational minimum viable product license, the exchange said earlier. Thus, allowing it to provide services to qualified institutional and retail investors.

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