Wemade (CEO Jang Hyeon-guk) is establishing an overseas branch in Dubai, the United Arab Emirates (UAE), where global capital is concentrated and growth potential is high. On the 2nd, Wemade announced that it would enter Dubai as part of the global business expansion of blockchain and Wemix (Wemade virtual currency). Wemade is the first Korean game company to establish a branch in the UAE.
An official from WeMade said, “We plan to further expand the establishment of overseas branches, starting with Singapore and Dubai,” adding, “It can be seen as a way to expand the global market.”
Dubai creates a new international digital asset ecosystem that enables long-term economic growth through digital innovation. In addition, based on blockchain technology, transactions related to visa applications, certificate renewals, and bill payments will be digitized, and all government transactions will be digitized, transforming the city into a paperless city. In addition, Emirates Airlines, owned by Dubai’s sovereign wealth fund, is developing the 2020 Dubai Expo pavilion into an innovation center, including the development of Metaverse and NFT projects.
On the other hand, Singapore has recently been strengthening regulations related to virtual assets. Singapore’s Parliament recently passed a provision in the Financial Services and Markets Act that requires Singapore’s domestic virtual asset service providers operating overseas to obtain a license.
Following this trend, it is analyzed that Wemade first entered Dubai for free business activities and expansion into the global market. A Wemade official said, “We chose Dubai because it is a friendly region for virtual assets and blockchain fields. However, there is no change in the Singapore branch.”
Source: Pangyo Techno Valley Official Newsroom
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