Digital assets include things like photos, manuscripts, documents, data and cryptocurrencies. As Web3 and blockchain technologies continue to grow in popularity, these assets will play an increasingly important role in attracting more users, fueling greater adoption. This is because these digital assets are central to the core use cases of Web3 for personal and professional users.
Yet while 90% of institutional stakeholders recognize the potential of digital assets, the building blocks needed to aid adoption at scale are still needed. To illustrate, a number of production programs from security and financial firms were presented at Digital Asset Week in London on December 2023. This was a welcome change from the Proof of Concept examples that digital assets have been limited to in years prior.
However, experts commenting on the event noted we’re still 3 – 5 years away from realizing the true value potential of digital assets.
One catalyst for digital asset adoption will be the communities around the technology. In this regard a new global alliance is emerging: The USA-UAE Alliance™
What is the the USA-UAE Alliance™?
The USA-UAE Alliance™ combines the collective interest of the blockchain communities and impact-related investments to grow a global network of economic activity that is impactful, profitable, and sustainable. The alliance was formed by Edward Cullen of Crescite Innovation Corporation and Michael Amatulli of MVNM, with XDC Network, among others.
The premier blockchain business forum will hold its event on March 6, 2024, at the Emirates Financial Tower and its fireside chat at Georgetown University leading up to the conference will include prominent speakers like Hester Peirce, Commissioner of the United States Securities and Exchange Commission.
“The USA-UAE Alliance™ is the latest example of international collaborators coming together and using blockchain technologies for economic growth and social good. We are appreciative of our education as we continue to build,” commented Edward Cullen, CEO of Crescite Innovation Corporation.
The regulatory environment for digital assets
Blockchain is still an emerging technology. While it offers huge potential the underlying infrastructure needed to ensure widespread adoption is often lacking. This is particularly true when it comes to sensitive use cases like financial services.
Digital assets are one of the exciting ways that Web3 is set to help both individuals and governments navigate the internet in a secure and decentralized manner that puts control back into their hands. It will mean users can access important documents and files in a secure digital asset custodian wallet where the owner’s cryptographic keys are stored.
Building the infrastructure around this will help to make digital assets a reality and the USA-UAE Alliance™ aims to bring the right leaders and decision-makers together to build such an environment.
“Blockchain is going to become increasingly prominent across financial communities and it’s essential that the development of the technology happens in a fair and sustainable manner,” said Michael Amatulli, CEO of MVNM.
“The launch of this premier business forum in the Emirates Financial Towers will help to ensure the collective interests of communities and business investments can be factored into the adoption of these innovation technologies, added the executive,” added the executive.
Digital asset archetypes for commercial use
As digital asset adoption grows, it will offer financial institutions important new commercial opportunities. This includes things such as offering licensed and regulated custodial services of digital assets to institutions or retail clients, setting up prime brokerage desk service, and providing access to crypto markets for institutional traders or providing safer and faster payment and settlement systems to banks, institutions, and merchants.
Recognizing the potential of digital assets, the UAE government has been proactive in creating a regulatory environment that is both robust and flexible with regulatory requirements needed to develop digital assets on a global scale. This will help the whole industry move towards the $12.3 billion predicted market volume of digital assets by 2030. For this reason the USA-UAE Alliance™ has chosen Dubai as the home of the premier forum.
Furthering the development of new regulatory frameworks and the value of this new alliance will be the connections with Georgetown University. The concept for the project originated from former Georgetown University classmates, Amatulli and Cullen.
The selective Master’s in International Business and Policy program provided the right platform for dialogue and conversation on bringing together a USA-UAE Alliance.
The next chapter for digital assets
Digital assets will form the backbone of new Web3 use cases. But to date, in the unregulated crypto market, the development of systems and the value these create are standalone.
The USA-UAE Alliance™is one example of how blockchain technologies are likely to be used much more effectively and widely in the future thanks to the support of private and public entities.
With the right financial frameworks and regulatory systems, digital assets are likely to go mainstream across industries in the next few years.
This article includes a client of an Espacio portfolio company