Crypto Industry Descends on Dubai as Trump Euphoria Recedes

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 and Goldman Sachs, as well as the US president's son, Eric Trump, who is set to take the stage on Thursday.

Once a crypto sceptic, the US 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 percent 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 (roughly Rs. 45,718 crore) 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 (roughly Rs. 16,932 core) 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 US 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 (roughly Rs. 36,405 crore) settlement with US 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.

© Thomson Reuters 2025

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