Written by: TechFlow
Original Title: Crypto Trilogy of Three Cities
In the global crypto industry's grand chessboard, these three cities are competing for industry discourse and talent resources with different postures.
Singapore's strict regulation has stripped away its utopian halo, Hong Kong's open policies have triggered a return wave, while Dubai has become a new crypto oasis with its "zero tax + open regulation" model.
These three crypto highlands, once dream havens for the crypto industry, now stand at a crossroads of destiny. With regulatory iron fists, capital flows, and Web3 ambitions, who will ultimately emerge victorious in this "Three Cities Saga"?
(The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating into English)In 2025, the Virtual Asset Regulatory Authority (VARA) further optimized regulatory rules, adopting a "Sandbox-Adapt-Expand" model, providing clearer legal protection for Virtual Asset Service Providers (VASPs).
As early as 2024, Dubai had gathered over 1,400 blockchain startups, with a total valuation of $24.5 billion, forming a complete ecosystem including more than 90 investment funds and 12 incubators.
According to Chainalysis data, Dubai's crypto industry contributes approximately 100 billion dirhams ($27.25 billion) in output, accounting for 4.3% of the UAE's GDP.
In May 2025, the UAE's state-owned investment company MGX invested $2 billion in Binance, the world's largest crypto exchange, which was a clear signal.
Crypto industry veteran Snow, who had lived in Dubai for a long time, said "abundant opportunities" was her core reason for choosing Dubai. In her view, the Middle East is not as sophisticated as Singapore or Hong Kong in terms of legal systems and infrastructure, but precisely because of these imperfections, opportunities arise.
Dubai is like Shenzhen in the early 20th century, with people from all over the world flocking in, driven by the initial dream of making money.
"Besides local Middle Eastern people, Dubai currently has the most Europeans, Russians, Indians, Chinese... Everyone is here to do business and make money, and after making money, they either stay in Dubai or return home to buy a house."
Nancy, a long-time Dubai resident and former real estate agent, has continuously witnessed Dubai's crazy housing market surge. According to a recent report by global commercial real estate services company CBRE, Dubai's residential prices rose an average of 18% in 2024, and by the first quarter of 2025, this figure reached 20%.
Crypto newcomers have become an important force supporting Dubai's housing market.
"In the past few years, crypto millionaires from China have purchased a large number of properties in Dubai," Nancy stated.
Previously, Dubai's largest private real estate developer, Damac Properties, announced accepting cryptocurrencies like Bitcoin for property sales.
Now, Dubai has become the most important testing ground for Real World Assets (RWA).
On May 1st, Dubai's MultiBank Group, real estate giant MAG, and blockchain provider Mavryk signed a $3 billion RWA agreement, which will bring MAG's luxury real estate projects into the blockchain through a regulated RWA market.
On May 25th, the Dubai Land Department (DLD), the Central Bank of the UAE, and the Dubai Future Foundation launched a tokenized real estate project in the Middle East and North Africa region. These government agencies introduced a platform allowing investors to purchase tokenized shares of "ready-to-own Dubai properties".
Due to its friendly regulations, Dubai is currently the headquarters for many exchanges, with Binance being the leading crypto exchange platform.
In Dubai and the entire Middle East, Binance holds a relatively special position.
"Being associated with Binance in Dubai is an excellent identity label. Former employees, Binance-invested companies, Binance partners... are all very high-quality endorsements. Even without direct connections, many people try to associate themselves by claiming to know someone from Binance management," Nancy explained. Perhaps due to Binance's aggregation effect, Dubai has now become an important information and project resource trading center for the crypto market, with many crypto projects' shell resources and market-making activities taking place in Dubai.
Besides exchange personnel, Dubai has also gathered numerous famous crypto KOLs. For example, the Coin Bureau studio with 2.68 million YouTube followers is located in Dubai.
However, Dubai also faces its own challenges.
Extreme summer heat, cultural differences, limitations in banking services, and geopolitical uncertainties are potential concerns. "Dubai is great, but it's not everyone's ideal choice," Nancy candidly said. "Many people simply want to make money in Dubai, and once they've earned enough, they leave. Dubai is not suitable for living. In comparison, Abu Dhabi has more of a living atmosphere."
Additionally, cultural and time zone differences might become obstacles in expanding to the Asian market. Dubai is a bridge connecting Europe, Asia, and Africa, while Hong Kong is the gateway to Asia, especially the Chinese market.
With Singapore tightening regulations, Hong Kong reviving policies, and Dubai rising rapidly, these three crypto cities form a unique landscape: Hong Kong as the gateway to Asia, especially the Chinese market; Dubai as the intersection point connecting Europe, Asia, and Africa; and Singapore potentially repositioning itself as a more compliant, institutionalized crypto asset management center.
Whether it's the brilliant night view of Victoria Harbour, the magnificent Dubai Tower, or the modern architecture of Singapore's Marina Bay, the skylines of these cities are witnessing the arrival of a new crypto financial era.
