There will be a higher chance another Dubai-governing service and entity could do the same recognition as what Kiklabb did.
I do not think that the government will invest directly in digital currencies, but the step is to attract more investors and facilitate procedures for starting startups.
You can create and register a company in Dubai online without making transactions within the country and paying in Bitcoin/ETH/Stablecoins.
Arab countries will seize every opportunity given the way the oil market has behaved in recent years. Diversification of budget revenues and a balance between oil revenues and other activities are necessary for such countries. Therefore, it is not at all surprising that such news comes out today. It is interesting how other neighboring countries in the Persian Gulf will behave, because in these countries the economic situation is similar.
Not every Arab countries especially the oil-rich one, has the same capacity for economic diversification.
Some Arab countries will face problems due to the drop in oil prices.
Overall, oil prices have returned to good levels, it is a lesson they will learn to diversify their portfolios.
We may see a better trend for cryptocurrencies in the coming years.
