The UAE (United Arab Emirates) is establishing a foothold in the digital asset market. Additionally, they have made numerous efforts to increase the use of blockchain-based technology.
According to Bittrex Global CEO Stephen Stonberg, Dubai and the United Arab Emirates are among the most crypto-friendly governments. Dubai Enjoys the Benefits of Local Regulation Bloomberg stated in an interview on Sunday that the expansion of the crypto market into the Middle East is more likely to favor Dubai due to the local regulators’ continued acceptance of blockchain-related technologies.
Dubai and the United Arab Emirates are doing the right thing by attracting diverse regional crypto ventures, according to Stenberg. According to his speech, the countries are ideal for establishing token ventures or operating a crypto exchange due to the tax haven designation conferred on the region.
According to Tax Justice Network data, the United Arab Emirates surpassed Bermuda and Switzerland to become the world’s largest and fastest-growing tax havens in March 2021. Stenberg asserts, “in my judgment, Dubai will tremendously profit.” He stated that Bittrex is currently seeing signs of expansion and acquiring additional consumers in the region. Bittrex Global is the Bittrex exchange’s global cryptocurrency trading platform. It is one of the largest cryptocurrency exchanges in the United States of America.
The global exchange was formally inaugurated in September 2019 with its headquarters in Liechtenstein. Bittrex Global got their operating license for a cryptocurrency exchange last year, while they remain under to oversight by the Bermuda Monetary Authority.
The United Arab Emirates is now establishing a foothold in the digital asset industry. A few months ago, Abdulla Touq Al marri, the Economy Minister, announced that asset tokenization and cryptocurrencies would be the primary strategy for growing the country’s economy in the next ten years. Additionally, the UAE entered the global CBDC (Central Bank Digital Currency) contest in July.
Regulations Governing Cryptocurrencies Dubai
This year, the DFSA (Dubai Financial Authority) and the regulatory agency for the Dubai International Finance Centre (DIFC) began enforcing numerous crypto-related legislation. They want to implement a regulatory framework for a variety of digital assets by 2021.
Dubai Will Benefit From Cryptocurrency Market Expansion, Bittrex Global CEO Declares According to reports, the financial institution is on the verge of launching two consultation documents on cryptocurrency as part of its 2021 business objectives.
The Dubai Financial Services Authority, the Dubai International Financial Centre, and the financial regulatory agency for the special economic zone have all committed to promoting local crypto-related regulations. The Dubai Financial Services Authority’s mission is to establish regulatory frameworks for a variety of digital assets.
Also Read: Nigeria’s Securities Regulator Develops A Fintech Team To Research Crypto
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