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Chainalysis, a blockchain analytics company, opened its regional headquarters in Dubai, United Arab Emirates’ most populous city, the firm announced on Wednesday.
The establishment of the forensics firm’s Dubai headquarters is a strategic step that underscores the company’s commitment to fostering a strong regulatory environment for the crypto industry in collaboration with the UAE government and local financial institutions, Chainalysis said.
The new office will cater to Southern Europe, the Middle East, Central Asia, and Africa, aiming to support the growing crypto markets in these regions.
This move is part of a larger trend of crypto and Web3 companies choosing Dubai for its welcoming policies and ambition to pioneer digital asset innovation.
Chainalysis’ expansion into Dubai comes after three years of partnership with the UAE’s public and private sectors, including collaborations with the Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications, and a memorandum of understanding with Emirates NBD, a state-owned bank.
“The UAE government has spearheaded the crypto revolution with forward-focused regulations, and business-friendly policies,” said Michael Gronager, chief executive officer of Chainalysis.
“The true potential and value of cryptocurrencies lies in their ability to transfer value, and we’re seeing an upward trend of overall transfer activity. Utilization is the underlying success story of the industry, and the UAE is strongly positioned to lead innovation with novel use cases that deliver tangible value to consumers and businesses.”