UAE’s crypto bet enters high-stakes phase as Trump fuels US industry
Crypto bills in Washington could reshape global industry dynamics — and the UAE’s role as a digital assets safe haven.
Bitcoin hit a new record above $120,000 during what observers dubbed “Crypto Week” in Washington as lawmakers began advancing a slate of pro-crypto bills on July 17. Buoyed by support from President Donald Trump, the legislation may mark a turning point not only for the US digital asset landscape, but also for the United Arab Emirates, which has bet big on the future of crypto.
These long-awaited rules could solidify crypto’s place in mainstream finance and commerce after years of US regulatory ambiguity, during which time Dubai emerged as a friendly jurisdiction for crypto companies.
Chengyi Ong, head of Asia-Pacific policy at US-based blockchain analysis firm Chainalysis, told Al-Monitor that “2025 will be a year when we see legislation being finalized and a move towards rule-making, with key holdout jurisdictions such as the US quickly catching up to fast movers” like the UAE and the European Union.
This industry shift will open a new chapter for the digital asset industry and usher in a critical phase for the UAE’s goal to become a global hub for the future of finance — one that will reveal whether the Gulf state can fully capitalize on its early mover status.
