A report by the CEO of the cryptocurrency exchange Bittrex Global claims that the United Arab Emirates (UAE) and Dubai are among the most welcoming jurisdictions for the cryptocurrency business.
According to Bittrex Global CEO Stephen Stonberg, who spoke with Bloomberg on August 29, the growing cryptocurrency sector in the Middle East will help Dubai as local regulators become more accepting of blockchain-related technology.
In the cryptocurrency market, Stonberg believes that the United Arab Emirates and Dubai are “doing all the right things” and will “attract a lot of regional projects.” As a result of the region’s tax haven status, he believes that these jurisdictions are a “excellent place” to establish a token project or operate a cryptocurrency exchange.
As reported by the Tax Justice Network, the UAE, along with Switzerland and Bermuda, surpassed the United States as the world’s largest and fastest-growing tax havens in March 2021.
Bittrex currently expects greater expansion and more clients in the region, according to Stonberg. “I believe Dubai will do extraordinarily well,” he said. Bittrex Global is a global cryptocurrency trading platform that is part of the Bittrex exchange, which is one of the largest cryptocurrency exchanges in the world and headquartered in the United States.
Founded in Liechtenstein in September of this year, the worldwide exchange has its headquarters there. Bittrex Global was granted a digital asset license by the Bermuda Monetary Authority last year, allowing it to operate its cryptocurrency exchange under the oversight of the regulator.
The United Arab Emirates has been increasing its presence in the digital asset industry in recent months, with Minister of Economy Abdulla Bin Touq Al Marri declaring in April that cryptocurrencies and asset tokenization will be critical to the country’s plans to double its economy in ten years’ time.
After joining the global central bank digital currency (CBDC) competition in July, the United Arab Emirates (UAE) has now joined the race for central bank digital currencies.
A number of crypto-related laws were introduced by the Dubai Financial Services Authority, which is the financial regulatory agency for the Dubai International Financial Centre. The organization intends to implement a legal framework for a variety of digital assets by the end of 2021.
