阿联酋的加密货币战略：帝国还是幻影？

原作者：Thejaswini MAThejaswini MA

原文翻译：Block unicorn

序言

在过去的五年里，阿拉伯联合酋长国（UAE）建立了一个非凡的数字帝国：处理了 $300 亿美元的交易，其中包括 加密迪拜每年的货币交易量超过 1 亿美元，拥有 700 多家区块链公司，并吸引了全球最大的加密货币交易所将迪拜作为其总部。.

Empires are built on resources, and the UAE’s digital empire relies on a resource far more valuable than oil: the tax obligations of others.

Binance 创始人赵长鹏身价高达 $33 亿美元，现居迪拜。.

其他数十家大型加密货币公司的高管也发现，在阿联酋经营数十亿美元的数字资产业务具有显著优势：他们可以保留更多的财富。.

The UAE’s digital transformation story is a model of economic strategy.

当其他国家还在争论加密货币监管问题时，阿联酋已经开始建设基础设施。.

虽然竞争对手施加了限制，但迪拜提供了明确的规则。.

当传统强国犹豫不决时，阿布扎比投资了数十亿美元。.

Behind the innovation narrative is a simpler truth: the UAE has built the most sophisticated tax haven in the cryptocurrency space, draped it in a veneer of regulatory legitimacy, and allowed the world to call it “digital leadership.”

这对全球金融的未来究竟意味着什么？

大入口

Imagine this: It’s 2020 and most governments are still debating whether cryptocurrency is a scam.

The UAE looked at its oil reserves, looked at Bitcoin, and thought, “Why not have the best of both worlds?”

时至 2025 年，阿联酋实施了史上最成功的国家加密货币战略。.

他们从依赖石油的经济体变成了数字资产强国。.

• 到 2024 年，30% 的人口将拥有加密货币

• 加密货币交易量每年超过 $300 亿美元

• 仅迪拜就有 700 多家区块链公司

• 全球链上交易额排名前 40 位

• 中东和北非第三大加密货币经济体

这不仅仅是一场零售狂潮。.

阿联酋主权财富基金已投资数十亿美元。.

• 穆巴达拉：向比特币 ETF 投资 $4.085 亿美元

• MGX Fund: $2 billion invested in Binance (using Trump’s stablecoin because 2025 is a bit weird)

• $ 与 Blackstone 和微软合作成立 300 亿美元人工智能基础设施基金

When your government buys a Bitcoin ETF and your sovereign wealth fund invests heavily in the world’s largest cryptocurrency exchange, you know something fundamental is happening.

Let’s analyze it

监管创新： In March 2022, Dubai launched the Virtual Assets Regulatory Authority (VARA) – the world’s first independent regulator designed specifically for virtual assets.

不是一个委员会，不是一个特别工作组，不是一群穿着西装在工作中学习的人，而是一个具有真正权威的专门的加密货币监管机构。.

VARAs 在短短三年内取得的成就：

• 向 Binance、Bybit、OKX、Crypto.com 和 Bitpanda 等全球主要交易所颁发许可证

• Created an activity-based regulatory system (rather than a “one-size-fits-all” rule)

• 清晰 指导从定标到标记化的所有功能

• 设定公司必须实际遵守的最后期限（例如，更新规则的最后期限为 2025 年 6 月 19 日）

与此同时，阿布扎比通过阿布扎比全球基金建立了自己的补充框架。 市场 (ADGM），该公司专注于机构级数字资产。.

结果如何？双寡头模式，同时覆盖零售和机构市场。.

基础设施投资： The UAE didn’t just change regulations — they built actual infrastructure:

• 迪拜人工智能和 Web3 校园：区块链创新的实体生态系统

• Sigma Capital 启动 $ 1 亿美元区块链初创企业基金

• 根据 Tracxn 的数据，园区内有 977 家区块链公司

• 美国以外最大的人工智能园区（位于阿布扎比）

银行业务一体化： Zand 银行成为首家获得 VARA 托管许可证的纯数字银行，现在几乎为所有获得 VARA 许可证的虚拟资产服务提供商提供服务。.

它们是传统银行与数字资产之间的桥梁。.

Meanwhile, the central bank approved Coin AE — the first stablecoin backed by the UAE dirham — proving they are serious about digital currencies at the national level.

实际应用

房地产 代币化： 迪拜刚刚推出了中东和北非地区首个获得许可的代币化房地产项目。只需 2000 迪拉姆（$545），任何人都可以在迪拜购买房产的部分所有权。迪拜土地局甚至还推出了一个项目，将房地产登记处的 RWA 代币化。.

政府加密支付： Dubai has announced a partnership with Crypto.com to accept cryptocurrency payments for government services. Parking fees, utility bills, license renewals – all can be paid in crypto and automatically converted to dirhams.

跨境支付： 2025 年 5 月，瑞波公司通过与 Zand 银行和 Mamo 合作，在阿联酋推出了跨境区块链支付服务。.

人工智能集成： Abu Dhabi’s Bold Technologies just announced a $2.5 billion AI-driven smart city platform called Aion Sentia Cognitive City.

逃生数学

The UAE’s appeal starts with a mathematical principle that’s hard to ignore.

公司无需缴纳资本利得税，加密货币收益无需缴纳个人所得税，年收入超过 $102,000 的企业只需缴纳 9% 的公司税。加密货币交易完全免征增值税。.

相比之下，在美国，加密货币收益需缴纳高达 37% 的资本利得税，公司需缴纳 21% 的联邦税外加州税，监管的不确定性也增加了合规成本，对于大型交易所来说，每年的合规成本可达数百万美元。.

Here’s an example: If Coinbase moved to Dubai tomorrow, it could theoretically save more than $250 million per year in taxes alone, based on its 2024 net revenue of $1.3 billion.

但是，只有在迪拜实际运营的情况下，搬迁的算盘才会奏效。.

This is where the UAE’s regulatory strategy is relevant – not because it is particularly innovative, but because it provides legal certainty that other jurisdictions lack.

Dubai’s Virtual Asset Regulatory Authority (VARA) has issued licenses to Binance, Bybit, OKX, Crypto.com and Bitpanda, all of which are able to operate legally under clear rules, a rare phenomenon in the cryptocurrency industry.

监管套利

VARA 代表了一种不同的加密货币监管方法：合作而非对抗。VARA 并未将加密货币公司视为潜在罪犯，而是与它们合作建立合规框架。.

这与美国形成了鲜明对比，在美国，监管机构倾向于通过执法行动而非指导意见进行沟通。虽然美国证券和 交流 美国证券交易委员会（SEC）多年来一直在诉讼中争论某些加密资产是否属于证券，VARA 只是 定义说明类别和许可要求。.

实际效果如何？大型加密公司可以在迪拜获得法律确定性，而其竞争对手则要应对更大市场的监管不确定性。.

到 2024 年，迪拜将拥有 700 多家区块链公司。阿联酋的加密货币交易量在中东和北非地区排名第三，去中心化金融（DeFi）活动增长了 74%。.

然而，根据 Chainalysis 2024 报告，阿联酋在全球加密货币采用率方面仅排名第 56 位，而美国排名第 4 位。.

The United States processes $1.3 trillion in cryptocurrency transactions each year — more than 40 times the volume in the UAE.

US companies dominate cryptocurrency development, with 19% of the world’s cryptocurrency developers based in the US, while the UAE’s share is negligible.

财富的集中也说明了类似的问题。.

The world’s 17 cryptocurrency billionaires have a combined wealth of $93 billion, most of whom are in the U.S., including Chris Larsen (Ripple), Brian Armstrong (Coinbase), and Michael Saylor (MicroStrategy).

阿联酋的贡献主要来自赵长鹏。.

阿联酋已为加密货币业务建立了令人印象深刻的基础设施，但核心创新仍在其他地方发生？

稳定币主权实验

The UAE’s stablecoin strategy presents both opportunities and contradictions in its approach. The UAE Central Bank has approved the first stablecoin, AE Coin, backed by the United Arab Emirates Dirham (AED), creating a bridge between the UAE currency and the global cryptocurrency market.

More controversially, Abu Dhabi’s MGX Fund used Donald Trump’s USD1 stablecoin for its $2 billion Binance investment. This choice highlights the UAE’s strategy: to remain neutral by working with those in power.

This pragmatic approach raises questions about the UAE’s long-term position. Building financial infrastructure around politically connected assets may bring short-term advantages, but it could also create long-term dependencies.

The UAE’s so-called dominance in the cryptocurrency space stems from its success in hosting industry events. Dubai’s Token 2049, various blockchain summits, and regular cryptocurrency conferences create the impression that local activity is thriving.

这些活动吸引了全球参与者，并产生了积极的报道，但并不一定反映了潜在的经济活动。.

阿联酋非常擅长加密货币营销，但这不应与加密货币开发混为一谈。.

我们的观点

The UAE’s success story in cryptocurrencies is essentially about arbitrage — regulation, taxation, and geography. They identified inefficiencies in how other countries handled digital assets and built systems to capture the opportunities that presented. But there are limitations to this approach. Arbitrage opportunities eventually disappear as markets mature and inefficiencies are corrected.

The UAE’s advantage relies on other countries maintaining suboptimal policies, which may not last forever. What happens if the tax advantage disappears, or other jurisdictions match its regulatory clarity?

The model relies heavily on attracting foreign companies and talent rather than developing domestic capabilities. If global tax coordination efforts succeed or major economies like the United States achieve regulatory clarity, the UAE’s competitive advantage could quickly disappear.

尽管如此，25 年的政治稳定在更广泛的全球地缘政治格局中一定具有重要意义。.

阿联酋还展示了一些有价值的东西：当一个司法管辖区选择果断采取行动时，它能够多么迅速地适应新技术。当其他国家花费数年时间争论加密货币政策时，阿联酋只是实施了一个框架，并从中汲取了经验。.

They have built real infrastructure and expertise that provides some protection against this scenario. VARA’s regulatory framework, the concentration of crypto businesses, and the growing developer community create network effects that go beyond tax advantages.

监管的明确性和税收优惠推动了加密货币在阿联酋的发展，但这并不能永远持续下去。最终，主要经济体也会提供类似的优惠，以保持自己的加密货币业务。到那时，阿联酋将需要在创新和基础设施的基础上进行竞争，而不是套利。.

The test of the UAE’s cryptocurrency strategy will not be whether it can attract companies fleeing an unfavorable regulatory environment, but whether it can retain them when those regulatory disadvantages disappear.

目前，大规模搬迁仍在继续。加密货币公司的高管们正在收拾行囊，前往迪拜，他们被明确的规则和优惠的税收所吸引。.

他们是在创造财务未来，还是只是在优化纳税账单，这在很大程度上取决于他们抵达后的所作所为。.

This article is sourced from the internet: The UAE’s Cryptocurrency Strategy: Empire or Mirage?

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