Issue 98: A slew of significant new legislation
Welcome to Backstory, a weekly newsletter turning global technology shifts into a three-minute read. This week, we’re thinking about recent movements in government – Mary Ames, Director of Strategy
THE BIG TAKE
A slew of significant new legislation
Fresh off the heels of the World Expo 2020 and the World Government Summit, Dubai has announced a slew of new laws aimed at digital assets and quality of living updates. These laws once again demonstrate how the Emirate is pushing forward with profound changes designed to ensure that Dubai is one of the most innovative cities in the world. Despite the gloom in the global economy and concerns about a possible recession, Dubai is a bright spot in progressive governance and innovative design.
Going digital: Last month, Sheikh Mohammed bin Rashid Al Maktoum issued the Dubai Virtual Asset Regulation Law, establishing a legal framework to protect investors and implement international standards for virtual assets (VA) industry governance. This legislation is critical to ensuring that Dubai remains on the cutting edge of the digital asset revolution taking place around the world. According to Gulf Business, the new laws will help organize the issuing and trading of virtual assets and virtual tokens and service providers and establish safeguards for users and their personal information.
Get on the roads: Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, also announced a new resolution regulating bicycles and e-bikes in Dubai. The resolution is a critical step in Dubai’s efforts to transform itself into a bicycle-friendly city and promote the usage of bikes around the Emirate. We have been big fans of bikes for a long time. While these two new laws might seem to address different sectors, they demonstrate how Dubai is constantly tailoring its legal environment to maintain the best living standards. From digital assets to e-bikes, Dubai is staying one step ahead of the curve.
QUOTE OF THE WEEK
“Life is like riding a bicycle. To keep your balance you must keep moving.”
– Albert Einstein
OUR VIEWS THIS WEEK
Digital wellbeing: It's time to get serious about well-being. Let’s face it: the world is still a very tense place. The pandemic remains an ever-present threat. The global economy is up and down. Complicating matters is that we have never been more addicted to scrolling on our phones. Getting off one’s phone is much easier said than done these days, but even thirty minutes a day can make a big difference in one’s mental health. This is especially true if that screen time break happens before bed. We explore more tips and tricks in this piece published by Xische about digital health.
Aging in the digital age: Sticking with the theme of wellbeing, we just published a new piece looking at how we can strive for more purpose in our lives. Nothing inspires the human spirit more like the inevitability of aging. The famed Swiss psychologist Carl Jung transformed psychology with his ideas about the middle of our lives. Once we reach a certain halfway point, our period of prolonged decline stirs unavoidable emotions inside us. Read more in this piece published by Xische.
SPOTTED ELSEWHERE
Agtech boom in the wings. By the looks of it, writes Joseph Dana in the Asia Times, the global food-supply chain hinges on just one country. Like other outdated systems of production, the way we produce and distribute food needs radical change. Given its natural challenges with food and water production, the Middle East is the ideal testing ground for the agricultural technology (agtech) company of the future. There is already a vibrant agtech sector stretching from Israel to the UAE. The Gulf region, in particular, has had great success with urban farming techniques such as vertical agriculture that are able to produce food with very little water. It’s time for the UAE and Gulf to take control of our agricultural technology future to solve the problems that are harming the global economy.
Classical music doesn’t have to be ugly: Classical music might be one of the most misunderstood genres of music today. It can be intimidating for first-time listeners. Once you take the plunge, the rewards can be limitless. While classical music might have a long and dense history, it doesn’t have to be ugly, writes the New York Times. In a thoughtful meditation on the state of classical music, the paper makes a compelling case for more interest in the genre. Don’t be afraid to jump in.
QUICK HITS
Are emerging markets headed for a lost decade?
Taking time away from the smartphone.
Time to teach kids about crypto?