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Crypto enthusiasts gather for Dubai event

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Attendees have mixed feelings about Trump's impact on

sector

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UAE keeps growing as crypto hub

By Federico Maccioni and Manya Saini

DUBAI, May 1 (Reuters) - Crypto enthusiasts descended on

Dubai on Wednesday, gathering under the Gulf's scorching sun and

hoping the industry's buoyant mood can keep going despite signs

the euphoria around Donald Trump's crypto stance is ebbing.

Speakers at the two-day event in the desert city include

chief executives at some of the world's major crypto firms, the

head of digital assets at BlackRock ( BLK ) and Goldman Sachs ( GS )

, as well as the U.S. president's son, Eric Trump, who is

set to take the stage on Thursday.

Once a crypto sceptic, the U.S. president has vowed to

support the industry by easing regulatory curbs and has even

launched his own cryptocurrency, in a turnaround for the

industry after a series of crypto company collapses in 2022.

Cryptocurrency prices surged to a record high after his

election win, but have fallen this year. Bitcoin is down

about 12% from its peak as the global trade war and industry

concerns that the pace of pro-crypto regulation under Trump is

slower than expected, knocked sentiment.

Attendees at the TOKEN2049 conference, which is expected to

attract around 15,000 people, thronged the venue, while a pair

of camels rested unbothered by the loud tunes playing in the

background.

They shared mixed feelings about Trump's impact on the

industry.

"In the long term, it's going to be good for crypto, but it

really relies on the world economy picking up again," said

Miklos Veszpremi, the chief operating officer of a

web3-integrated streaming platform.

"I think that once the tariffs actually start hitting

countries, there's going to be a lot of pain, and we might be

headed towards some difficult times," he said.

Still, the industry enjoyed a strong start to the year as

money poured in.

Global venture capital investments in crypto companies

totalled $5.4 billion in the first quarter of 2025, its best

quarter since mid-2022, according to data from PitchBook.

Attendee Herbert R. Sim, wrapped in a bitcoin-themed jacket,

said that predicting the impact of Trump policies on the crypto

sector was very hard "but so far ... (progress) is on the

regulation side of things."

"Things are easing up in America," he said, as developers,

investors and crypto fans weaved past packed industry marketing

booths and joined queues to glide on outside zip lines.

CRYPTO HUB

The United Arab Emirates is quickly emerging as a key hub

for crypto companies, with several setting up shop or seeking to

expand.

Binance, the world's largest crypto exchange, announced in

March that Abu Dhabi-backed investment group MGX had made a $2

billion crypto investment in it, deepening its ties with the

UAE.

The exchange's founder, Changpeng Zhao, who last year served

four months in prison after pleading guilty to violating U.S.

laws against money laundering, was welcomed to the main stage

with cheers from the audience.

Zhao stepped down as CEO of Binance as part of a $4.3

billion settlement with U.S. authorities but remains a major

shareholder.

UAE authorities continue to promote crypto adoption.

Buyers for apartments in a new planned tower in Dubai the

Trump Organization launched this week alongside a luxury real

estate developer will be able to pay with bitcoin, Eric Trump

said.

Dubai's Emirates NBD bank recently launched crypto trading

services on its digital arm Liv and one of the city's largest

free zones, the DMCC, which hosts more than 600 crypto firms,

plans to open a "crypto tower" in early 2027 to host more.

"It's much easier to do business here," said Germany-based

attendee Andre Liesenfeld, referring to Dubai.