Author: The National
The metaverse – the new digital space that allows those in it to communicate and move using three-dimensional avatars or digital representations – is slowly registering a growth in demand for jobs in a sign of its imminent integration with the future digital economy. “We are at a very early stage. We are starting to see new skills being developed, new job roles and new titles. Part of this is reimagining the future like we have never seen before,” Kate Barker, a strategic adviser and future of work expert at the UAE Ministry of Interior, said at the Intersec 2022 conference at…
Dubai’s dining and nightlife scene is set for a very high-tech addition. ColossalBit, a Dubai-based consulting, advisory, design and development firm for cryptocurrency, blockchain and NFTs, has announced the launch of MetaTerrace. The unique lounge is is based on the concept of the metaverse, a digital universe that can be be accessed through virtual and augmented reality. The very real lounge and nightlife spot aims to converge the digital and physical world by having its own VR room where VR glasses will enable people to access “alternative worlds, meet like-minded individuals, have drinks, and engage in NFT and cryptocurrency discussions”. But…
Cyber criminals promoting cryptocurrency scams online will face five years behind bars and fines of up to $272,000 under tough new UAE laws introduced to protect the public from financial fraud. The clampdown was introduced as part of a series of sweeping legal reforms announced by President Sheikh Khalifa last month. The new legislation broadens the country’s current cyber crime laws to cover the advertisement of rogue cryptocurrency schemes which are not recognised by UAE authorities. “As per article 48, posting misleading ads or inaccurate data online about a certain product will be punishable with jail and/or a fine between Dh20,000 and Dh500,000,” said Dr Hassan…
Cryptocurrencies have become part of the mainstream conversation this year, with an increasing number of UAE residents now interested in investing in the digital tokens. About 26 per cent of respondents in a May survey of UAE investors said they view these assets as offering “exciting investment opportunities”. About half of all respondents in the survey by global financial services company Holborn Assets also said they would feel comfortable with about 5 per cent of their portfolio in cryptocurrencies. But experts have issued a warning that cryptocurrencies are only for active investors who can track their prices and have an appetite for risk. “Investors are right…