Crypto.com official: Cryptocurrencies

Sharjah 24: Cryptocurrency is being rapidly adopted across the traditional world of finance. In the UAE, digital currency could see swifter integration within the next two years, according to Mohammed Al Hakim, Crypto.com President, UAE Operations. Speaking during a session on The Future of Crypto at the 8th annual Sharjah Entrepreneurship Festival (SEF) on Saturday, he said, “In the next two years, people in the UAE should be able to use cryptocurrency for everyday transactions”.

He highlighted the clear upward trajectory in crypto uptake in Japan, Singapore, and Switzerland, adding, “change is happening quickly here in the UAE. I would love to see someone paying for coffee using cryptocurrency, or buying land, paying rent, fines, or utility bills all through crypto.”

Al Hakim further noted that his firm is currently in discussions with Emirates Petroleum to explore how crypto could be used to pay for fuel at petrol stations.

UAE’s regulatory support building trust

Addressing trust issues around cryptocurrencies, Al Hakim praised the UAE authorities for their forward-thinking stance on regulations and the establishment of the Virtual Assets Regulatory Authority (VARA). “We have been able to offer a wide range of products and services in this region because of the flexible yet prudent regulatory framework,” he said.

Crypto.com recently partnered with Mastercard, marking another step in integrating the world of virtual currencies with traditional finance. The firm is also working to launch its first sukuk—a Sharia-compliant financial product—in the UAE, in partnership with Dubai Islamic Bank.

Future outlook

Al Hakim during his talk suggested the changing global dynamics could accelerate the mainstream adoption of Bitcoin and other cryptocurrencies. “The world has changed significantly in recent years. Bitcoin might become a main reserve currency in the coming months or years. Whether this happens in six months or a few years, we cannot say for sure, but the crypto world has a very bright future.”

Niki Skene shares Silicon Valley mindset: Experimentation and data-driven decisions

The first day of SEF 2025 also hosted a thought-provoking keynote by renowned innovator and futurist Nikki Skene, who captivated audiences by exploring the Silicon Valley mindset, structured experimentation, and the importance of information-driven decision-making.

“Information-driven decision-making and constant experimentation are key to an exponential mindset and a thriving business,” said Skene.

He emphasised the necessity of shifting from a linear to an exponential mindset when approaching business growth and innovation. “In a linear mindset, we only want wins. Everything else is labelled a failure. But in an exponential mindset, everything is just information. The worst thing that can happen is doing something that does not deliver new information.”

Skene underscored the value of structured experimentation, referencing Silicon Valley’s approach, “Companies like Meta (Facebook) run over 700 structured experiments every week. Each experiment delivers a simple verdict: continue, discontinue, or adapt. This is exponential learning—something many organisations don’t implement, making them less prepared for change.”

Reframing innovation for the future

Drawing further inspiration from Silicon Valley’s problem-solving approach, Skene encouraged entrepreneurs to rethink their perspectives on products and industries. “The key to innovation lies in asking the right questions. A car’s brakes, for instance, are not designed to stop the car; they allow us to drive faster with confidence. The same applies to businesses—if you focus only on past functions, you miss future opportunities.”

The Sharjah Entrepreneurship Festival (SEF) 2025, organised by Sharjah Entrepreneurship Center (Sheraa), continues through February 2, bringing together 300+ globally respected luminaries, representing over 45 nations.

For further information about SEF 2025 and upcoming sessions, visit www.sheraa.ae.