The UAE (United Arab Emirates) is moving to secure its presence within the digital asset sector. They have also applied various efforts to promote the adoption of blockchain-based technologies.
According to Bittrex Global cryptocurrency exchange CEO Stephen Stonberg, Dubai and the United Arab Emirates are among the very friendly jurisdictions to the crypto industry.
Dubai Benefits From Local regulation
In an interview on Sunday, Bloomberg said that the crypto market expansion into the Middle East is more likely to favor Dubai since the local regulators are continually accepting blockchain-related technologies.
Dubai and the United Arab Emirates are doing the proper things and drawing in various regional projects within the crypto industry, says Stenberg. According to his speech, the jurisdictions offer the perfect location to set up token projects or operate a crypto exchange due to the tax haven provided by the region status.
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As stated by the Tax Justice Network data, in March 2021, the United Arab Emirates became the number one world’s biggest fast-growing tax havens together with Bermuda and Switzerland.
Stenberg declares, “in my opinion, Dubai is will benefit greatly.” He added that Bittrex is now showing signs for more expansion and getting extra customers within the region. Bittrex Global is a worldwide cryptocurrency trading platform for Bittrex exchange. It is among the biggest cryptocurrency exchanges in the US.
In September 2019, the worldwide exchange was launched officially with its headquarters at Liechtenstein. Bittrex global acquired their operational license for a crypto exchange last year, although they are still under the Bermuda Monetary Authority’s supervision.
In present times, the United Arab Emirates are securing their existence within the digital assets Industry. A few months back, Abdulla Touq Al marri, the Minister for Economy, declared that asset tokenization and cryptocurrencies would become the major plan to increase the country’s economy come 10 years in the future. Also, the United Arab Emirates joined the global CBDC (Central Bank Digital Currency) race last July.
Cryptocurrency Regulations In Dubai
This year, DFSA (Dubai Financial Authority) and the Dubai International Finance Centre’s regulatory agency commenced various crypto-related regulations. They intend to embrace a regulatory structure for various digital assets this 2021.
The cryptocurrency market is on an upward trend | Source: Crypto Total Market Cap on TradingView.com
Reportedly, the financial body is on its way to launch two cryptocurrency-linked consultation documents as one of their 2021 business plans.
The Dubai Financial Services Authority, Dubai International Financial Centre, and the financial regulatory agency for the unique economic zone plan to promote the local crypto-related regulations.
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The objective of the Dubai Financial Services Authority is to create regulatory structures for multiple digital assets.
Featured image from Pixabay, chart from TradingView.com