On a warm May evening in Dubai, the 220-foot, five-storey Lotus megayacht lit up the marina as it hosted one of the most talked-about afterparties of Token2049 Dubai, one of the region’s largest blockchain events. Organized by DogeOS, the developer platform for Dogecoin, the party reflected more than just post-conference celebration—it captured the spirit of the growing crypto adoption in the Middle East.
From Meme Coins to Mega Yachts: How Dubai’s Crypto Culture is Evolving
The guest list on board read like a who’s who of the Dubai crypto scene. There were developers, founders, investors, influencers, and the occasional mysterious attendee who introduced himself by saying, “You’ve probably heard of me. Elon retweets me a lot.” He wasn’t joking—he used the same line with others throughout the night.
Not far off, a pair of entrepreneurs were promoting their startup that combines astrology and numerology to create business strategies—“Millionaires ignore this stuff, but billionaires rely on it,” one of them told me, adding to the eccentric charm of the night.
Meanwhile, bartenders kept the drinks flowing as music, laughter, and shouts of “To the moon!” echoed across the deck.
Crypto Influencers and Blockchain Visionaries Gathered in Dubai
The crowd included Olaf Carlson-Wee, the first employee at Coinbase and now the head of Polychain Capital, one of the world’s top crypto hedge funds. He spoke about his frequent visits to the UAE to collaborate on digital asset strategies with the local government.
Another memorable character was an American in a cowboy hat carrying a Ninja Turtle backpack. He was promoting $WIT Coin—a meme token featuring a shiba inu in a cowboy hat, short for “What in Tarnation.” He mingled with crypto enthusiasts from China, exchanging ideas over tequila shots.
Dogecoin Developers Embrace the UAE’s Crypto-Friendly Ecosystem
Jordan Jefferson, CEO of MyDoge and part of the DogeOS team, moved to Dubai in 2022 to escape tightening crypto rules in North America. “The UAE isn’t just welcoming crypto, it’s leading the charge,” he said. Jefferson and his team wore t-shirts with “Habibi Doge,” featuring Doge in traditional Emirati dress—blending humor with symbolism.
Jefferson believes that UAE crypto regulation is setting global standards, and it’s a big reason why so many crypto startups are setting up shop in the region.
Dubai’s Push for Blockchain Leadership: What Sets It Apart
The UAE government has made big moves to attract blockchain businesses. Major exchanges like Binance, OKX, and Kraken now have licenses or regional offices in Dubai or Abu Dhabi. The emirate formed the Virtual Assets Regulatory Authority (VARA) in 2022, the world’s first independent crypto regulator.
Meanwhile, Abu Dhabi Global Market (ADGM) updated its digital asset regulations in 2023, offering a clear and secure environment for crypto exchanges and custodians to operate.
Token2049 Dubai: A Showcase of the Middle East’s Crypto Ambitions
At the Token2049 conference, speakers like Eric Trump shared their bullish outlook on crypto. Trump used the platform to announce that the family’s firm, World Liberty Financial, would provide stablecoins for a $2 billion investment into Binance by MGX, a state-backed UAE investment firm.
Trump praised the UAE’s pro-crypto stance: “Smart people, low taxes, and forward thinking—that’s what draws us here.”
Crypto Regulation and Scandals: The Other Side of the Coin
Despite the optimism, the industry still faces challenges. FTX, once a rising star in the UAE crypto scene, collapsed in 2022 after receiving a VARA license. Binance founder Changpeng Zhao, a Dubai resident, recently served prison time for money laundering but was later granted UAE citizenship.
These events show that while crypto in the Middle East is booming, it’s not immune to global industry controversies. For more such updated news, follow 10X Times News.
