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GCC countries are looking to harness new forms of financial technology such as blockchain, deepen their financial services and expand financial inclusion. Decentralised finance (DeFi) offers the opportunity to diversify economies and embrace Web3 technologies such as blockchain, the internet of things, artificial intelligence, virtual reality, machine learning, 5G, cloud computing and edge computing. The UAE has started accepting licensing applications for companies looking to provide crypto services, and DeFi offers advantages such as lower fees, enhanced transparency and security, and seamless transactions. Cryptocurrencies have long been seen as a hedge against inflation.