The United Arab Emirates has recently solidified its position in the digital asset market by making several initiatives to expand the use of blockchain-based technologies in the industry. As stated by the CEO of Bittrex, the United Arab Emirates (UAE) and Dubai are two of the most attractive countries in the bitcoin industry.
The growing cryptocurrency sector in the Middle East is anticipated to benefit Dubai, according to Bittrex CEO Stephen Stonberg in an interview with Bloomberg published on April 29. As local governments increasingly accept blockchain technology, Dubai is projected to benefit.
According to Stonberg, the United Arab Emirates and Dubai are “doing all the right things and attracting numerous regional projects” in the crypto-monetary industry. He went on to say that these nations are the “major site” for the development or exchange of a token project, owing principally to the fact that the region is known as a tax haven for businesses.
Tax Justice Network research indicates that in March 2021 the United Arab Emirates, together with Switzerland and Bermuda, will surpass the United Kingdom as one of the world’s largest tax havens, surpassing the United States.
According to Stonberg, “I believe Dubai will perform pretty well,” and Bittrex currently anticipates greater growth and more consumers in the area. Located in the United States, Bittrex Global is one of the world’s most prominent cryptocurrency trading platforms, serving the Bittrex exchange.
The global exchange, which is located in Liechtenstein, officially began operations in September of this year. Bittrex Global, which operates under the supervision of the Bermuda Monetary Authority, was granted a digital asset license last year.
In April, Saudi Arabia’s Minister of Economy, Abdulla Bin Touq Al Marri, stated that cryptocurrencies and asset tokenization will be critical in the country’s efforts to quadruple its economy in ten years.
The United Arab Emirates has recently solidified its position in the digital asset market. The United Arab Emirates (UAE) entered the Central Bank of Digital Currency (CBDC) competition held by the global central bank in July.
The Dubai Financial Services Authority, the financial regulatory agency for the Dubai International Financial Centre, also started cryptocurrency-related rules this year, with an eye toward the adoption of a legal framework for diverse digital assets by the end of 2021.