UAE and Dubai are on the way to become the next Cryptocurrency hub. Atleast, Stephen Stonberg, Ceo of popular cryptocurrency exchange Bittrex believes it will.
In recent years, the UAE and Dubai have emerged as the most crypto-friendly destinations. The UAE government and also the local Emirati governments have been very responsive and are endorsing cryptocurrencies and blockchain-driven solutions. In an interview with Bloomberg, Bittrex CEO said that the UAE and Dubai are very crypto-friendly destinations.
He also said that Dubai will very likely benefit from the increased adoption of blockchain-based protocols and cryptocurrencies. He went on to say that the UAE and Dubai are “doing all the right things and they’re going to attract a lot of regional projects.” Moreover, the taxation framework is also conducive to startups operating in the blockchain industry. “I think Dubai is going to do fantastically well,” Stonberg said.
Bittrex is a popular cryptocurrency exchange and was launched back in September 2019. It is based in Liechtenstein. The exchange has gained prominence in recent years with its trader-friendly and intuitive design.
The UAE government has also been proactively hosting events to attract blockchain startups. It has created many different policies to attract crypto businesses and also promoting the use of cryptocurrencies.
Also, over the past five years the number of cryptocurrency users in the region has risen sharply. A lot of investors from the Middle East have now started to invest in crypto. As such many blockchain businesses are now creating solutions focussing on this emerging market which has the potential to grow further. Research estimates that the crypto market in the UAE and Middle East will double in size by 2025.