Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion
03 Setembro 2021 - 1:00PM
NEWSBTC
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. Related Reading | Former
DigitalX Executive Appointed As The New Binance Australia CEO 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. Related Reading | El Salvador’s
Legislative Assembly Green Lights The $150 Million Bitcoin Trust
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
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