The UAE (United Arab Emirates) is a country that has lately been preoccupied with becoming a mainstay in the world of digital assets thanks to several efforts that it has made in order to adopt more blockchain-oriented technologies.
The UAE, with Dubai in particular, happen to be some of the friendliest jurisdictions regarding the crypto industry, at least in the opinion of Bittrex Global CEO Stephen Stonberg. He believes that Dubai could benefit from the current expansion of the cryptocurrency market within the region of the Middle East and its surrounding areas, as the local regulators have reportedly increased acceptance of technologies and practices related to blockchain.
Dubai is doing ‘all of the right things’
Dubai and the larger United Arab Emirates, in general, have been doing everything right as far as attracting plenty of regional projects within the crypto industry may be concerned, according to Stonberg. He said that the jurisdictions of Dubai and the UAE offer a ‘fantastic location’ for the establishment of a token project as well as the opportunity for the launch of a fully operational crypto exchange. This, he added, was mainly a result of the exemption from tax in the region due to its status.
Also read:Furthermore, alongside the likes of Bermuda and Switzerland, the United Arab Emirates has managed to become a huge and rapidly growing tax haven within 2021 alone. To that end, Stonberg claims that Dubai has every chance to do well, before also saying that Bittrex now fully anticipates even more expansion to take place and an increase in the number of clients to occur within the area.
The UAE is making waves in the digital asset industry
As aforementioned, the United Arab Emirates has been quite busy trying to cement both its ranking and position not only in the crypto industry but also regarding digital assets in general. With that in mind, Abdulla Bin Touq Al Marri, the Minister of Economy, had issued a declaration this past April that stated that asset tokenization and cryptocurrencies should be an integral part of the nation’s plans pertaining to the doubling of its respective economy within the next ten years.
In related news, the United Arab Emirates had additionally decided to join in on the CBDC race too, becoming yet another country interested in developing central bank digital currencies. Moreover, Dubai’s Financial Services Authority, which is the official financial regulatory institution for Dubai’s International Financial Centre, had begun working on numerous cryptocurrency-oriented regulations earlier on in the year, with the goal being to establish and subsequently adopt a new regulatory infrastructure for a diverse range of digital assets in the country.
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