By George Ward
One of the UAE’s premier private institutions, Abu Dhabi University (ADU), is currently at the forefront of blockchain education and research in the Middle East. ADU has partnered with the world’s leading Web3 startup, 5ire, to expand blockchain accessibility by 2030.
A Partnership For Blockchain Education And Research
The two entities signed a Memorandum of Understanding (MoU) to work together on expanding blockchain research, education, and entrepreneurship. The collaboration aims to democratize blockchain education by offering use-case learning to students in the Gulf region and other parts of the world.
Commenting on the partnership, the vice chancellor of ADU, Professor Ghassan Aouad, stated that the institution is excited to link up with 5ire to advance the field of blockchain education and research. Aouad noted that the collaboration aligns with the university’s mission to equip its students with the necessary skills and education to prepare them for successful careers and leadership roles in their fields.
Pratik Gauri, co-founder and CEO of 5ire stated that collaborating with the Abu Dhabi University toward advancing blockchain education is an exciting project the firm is ready to explore. The CEO added that not only is the partnership focused on expanding the scope of blockchain education, but it will also include research and entrepreneurship to develop the next-generation experts for the industry.
Furthermore, Gauri noted that 5ire’s technology is designed to solve the problem of low blockchain adoption due to the challenges of accessibility and sustainability. The latest development is in line with the UAE’s policy to promote blockchain innovation and technology in the region and contribute to the region’s push to build a digital economy where knowledge is highly utilized.
Adopting Crypto For Foreign Trade
During the 2023 World Economic Summit in Davos, Switzerland, the UAE’s minister of foreign trade, Thani Al-Zeyoudi, revealed that the Gulf nation is currently working on integrating cryptocurrency in its trade settlements in the future.
The minister said that the most crucial thing involving using crypto assets to settle foreign trade is adopting global governance in dealing with virtual currencies and their exchanges.
Al-Zeyoudi further suggests that as the UAE continues to work on its crypto regulatory framework, the government focuses on making the Gulf nation a crypto hub with friendly guidelines and enough user protection policies.
Before this, the UAE Cabinet introduced new rules requiring all entities engaging in crypto trading to have an active license and be registered with the Virtual Asset Regulatory Authority (VARA) throughout the country. In addition, if firms fail to register with VARA, they will be fined $2.7 million under the new regulation.
According to the government, the move complements the existing rules already enforced throughout the UAE. Meanwhile, due to its clear regulations and conducive business environment, the UAE has continued to attract attention from foreign crypto service providers and investors.
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