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Dubai Close To Be Global Crypto-hub, Supports Major Crypto Businesses


coinquora.com 24 May 2022 17:01, UTC
Reading time: ~2 m

Following the recent launch of the ‘Dubai Metaverse Strategy’ which focuses on the developments in the digital economy and leverage opportunities within the metaverse, Dubai is gearing up to host the first MENA headquarters of the world’s largest cryptocurrency exchange, Binance.

According to a recent study published by Checkout.com, around 54% of people in this region think that crypto must be used as currency rather than merely an investment asset. This ratio is 9% higher than the global average of 45% and 11% higher than the USA’s average of 43%.

A top-down approach while formulating crypto policies is assisting Dubai to emerge as a go-to destination for businesses when establishing their operations in the emirate, Citi Bank’s Global Head of Banking, FinTech, and Digital Assets, Ronit Ghose told in a recent interview while pointing at the probability of Dubai becoming the global crypto hub

Relaxed rules for crypto trading and operations are the reason why renowned corporations and large firms are focusing on the ‘Gulf Tiger’ for their crypto ventures. In a bid to attract more business, Dubai is constantly evolving its laws and regulations to provide better opportunities to crypto-service providers.

From launching the Crypto Credibility Campaign for students to entering the metaverse by establishing Dubai’s Virtual Assets Regulatory Authority’s MetaHQ and making it the first regulatory to step into the emerging world of Web 3.0, Dubai has been constantly in news for making headlines in the crypto space.

With this news of Binance planning to set up its first MENA headquarters in Dubai, which already achieved the Virtual Asset Licence to enable the firm to implement crypto-based services in Dubai, several other exchanges are expected to set up their shop in the region.

Speaking of this announcement, Binance’s Regional Head of MENA, Richard Teng mentioned how the regulators in Dubai see that supporting the development of crypto-assets is crucial in developing web3 ecosystems. Binance to start operations in Dubai HQ next month.

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