Bittrex Global CEO Stephen Stonberg announced their plans to expand their client base in Dubai during his interview with financial news site Bloomberg last August 29. According to Stonberg, Dubai is one of the cities that will benefit the most in the thriving crypto market in the United Arab Emirates (UAE) and ‘Bittrex expects to have an expanded presence and more clients in the region’.
Stonberg told Bloomberg that UAE is ‘doing all the right things and they’re going to attract a lot of regional projects’ that will help boost the cryptocurrency industry in the Middle East. Additionally, he expects wealth funds in the Middle East to invest in blockchain technology soon. Given the region’s positive stance with cryptocurrencies and local authorities showing positive interest in the industry, he said ‘I think Dubai is going to do fantastically well’.
Considering Dubai’s status as a tax haven, Stonberg believed that UAE is a ‘great place’ for people to start token projects and operate cryptocurrency exchanges. UAE currently ranks in the top ten fastest-growing tax havens in the world as published by research group Tax Justice Network
Early this year on January 18, the Dubai Financial Services Authority (DFSA), the financial regulatory body for the country’s special economic zone, introduced its business plan for 2021-2022 which included plans to regulate cryptocurrencies through its website.
In the released publication, the DFSA revealed that it will announce two consultation papers related to cryptocurrencies soon. Additionally, it stated that their upcoming crypto-related framework aims to diversify the digital assets in the country and improve regulations relating to issuing digital tokens and securities.
Additionally, UAE also showed interest in improving crypto regulations. During the World Economic Forum’s Global Technology Governance Summit last April 7, the Minister of Economy of UAE Abdulla Bin Touq Al Marri announced their plans to improve the cryptocurrency and asset tokenization in the country with the goal of doubling the nation’s economy in 10 years. As of writing, UAE is the 34th-biggest economy in the world as per Global Innovation Index (GII).
Find the latest news and updates about cryptocurrency by browsing here at Cryptoshimbun!