Dubai Developers to Build New Bitcoin Tower To Promote Web3 Push
May 24, 2023
A Dubai developer wants to construct a Bitcoin Tower in the United Arab Emirates. The structure will reward crypto stakers with yields. Success of the project will depend on buy- in from government officials.
He wants to produce a 40- storey Bitcoin Tower to represent Dubai’s embrace of the digital asset industry.
Developer Salvatore Leggiero has asked architect Simone Micheli to inspire the building’s design in a virtual world. Micheli commented
“ I'll use logic and concepts fully different from traditional constructions. It involves creating virtual surroundings that allow for experiences never imagined before. ”
Leggiero hopes Bitcoin Tower will bridge the physical and virtual worlds. Artists can submit non-fungible tokens( NFTs) for addition in an exclusive collection detailing the building’s design or internal spaces.
Guests can stake cryptocurrencies to earn rewards and redeem NFTs incorporating special privileges.
The developer is the author of Dubai- headquartered real- estate establishment DCREW. He's also the CEO of Metaverse Investments LLC.
Bitcoin Tower will be presented on Wednesday at the Bella Restaurant Lounge in Dubai.
The project could complement the Department of the Future’s Web3 and metaverse enterprise that will open in Q2 2023.
United Arab Emirates Supreme Council Member Sheikh Saud bin Saqr Al Qasimi recently established a digital assets economic free zone under the department.
The region will welcome metaverse, blockchain, NFTs, decentralized autonomous associations, and other Web3 companies.
The UAE recently enforced a new crypto exchange licensing program in April. Firms wishing to do business must comply with anti-money laundering and minimal capital requirements.
The new regulation applies to crypto businesses in areas excluding profitable free zones and Dubai.
Will the Project Succeed?
Bitcoin Tower’s long- term success will probably depend on the sustained popularity of cryptocurrencies in Dubai. Chainalysis ranked the Middle East and North African regions as the top crypto adopters in 2022.
The region also boasts crypto banking support, which bodes well for the project’s future. Bitcoin Tower would also need buy- in from government departments who haven't always been on board with crypto’s embrace of the physical world.
El Salvador’s Ministry of Public Works recently verified that it was ignorant of the nation’s ambition to build a geothermal Bitcoin City.
The Ministry revealed in April that it didn't know about the project despite President Nayib Bukele’s sharing of architectural drawings.
In addition, Dubai’s Virtual Assets Regulatory Authority tightened its crypto rules and recently asked Binance for further information on its ownership structure and financials.
Source>>https://beincrypto.com/dubai-developer-confirms-web3-focused-bitcoin-tower