• Thu. May 30th, 2024

Bittrex Global CEO Claims that Dubai will Benefit from Crypto Expansion

Christian Klausen

ByChristian Klausen

Sep 7, 2021

As the UAE plans to expand its reach into the digital assets field, the country has done a lot of work in making the use of blockchain technology more accessible.

CEO of Bittrex Global Exchange, Stephen Stonberg, said that the United Arab Emirates is a very friendly partner of the cryptocurrency industry and will soon experience the various benefits that cryptocurrencies and blockchain technology provide. Back on Sunday, Bloomberg had stated that the widespread adoption and expansion of the crypto space in Dubai is going to have a positive impact on the economy, as regulators are very interested in more blockchain-based technological projects arriving into the market.

UAE’s Crypto Supportive Laws

Stephen Stonberg said that the United Arab Emirates and Dubai have been actively participating in boosting several cryptocurrency-based projects. According to Stephen, Dubai or the UAE, in general, is the best location to set up new token-based projects and crypto exchanges because of the tax haven given by the region status. The Tax Justice Network Data stated that in March of this year, the UAE had become the world’s biggest and fastest-growing tax haven alongside Bermuda and Switzerland.

Stephen mentioned that Dubai will surely gain a lot of benefits in a very great way and that Bittrex is hoping to expand further in the operational areas, increasing the overall user base in general around the operational regions. Bittrex is currently one of the biggest worldwide cryptocurrency exchanges in the United States. The exchange was fully operational back in the fall of 2019, establishing its first headquarters in Liechtenstein. The exchange company managed to acquire an operating license last year but is still under strict observation from the Bermuda Monetary Authorities.

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Regulations and Economic Boost

Not so long ago, Minister of Economy of the UAE, Abdulla Touq Al marri, stated that asset tokenization and cryptocurrencies would play a vital role in boosting the country’s economic status in the coming ten years, as the country had also managed to join in the hustle for central bank digital currencies. The Dubai Financial Authority, which is responsible for the regulations in the crypto market of UAE, has been working to bring more regulation frameworks. The authorities are planning to launch two new cryptocurrency-based consultation papers as a means to define their business plans for this year and to promote the regulations of cryptocurrencies in general.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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