The regulatory authorities of Dubai are working on bringing the legislation to accept blockchain-related technologies in the country. Dubai is very well heading in the direction to get benefit from the crypto growth.
In an interview, the CEO of the digital assets exchange, Stephen Stonberg said that The United Arab Emirates and Dubai are working on the legal framework that will enhance the country’s chances to get all the crypto-related projects in the region. The regulatory relaxation has adopted by Dubai makes it the most suitable place to mine digital tokens and run cryptocurrency exchanges.
Dubai in recent times has further taken the steps to make blockchain technologies easily accessed by the people. It is expected that Middle Eastern independent funds would soon be investing in blockchain. Dubai, having considered as the financial hub is the perfect place to invest in.
In Dubai’s Airport, Free Zone Authority May signed an agreement with the Securities and Commodities Authority to come up with crypto favorable regulations. That means there are no regulatory implications in offering crypto trading services in the free zone.
Last year the country’s DMCC Freezone launched a blockchain exchange for trading. In June a bitcoin fund also got listed on the Nasdaq Dubai exchange. Experts do believe that Dubai would do fine in accepting cryptocurrencies.
Over the past couple of months, cryptocurrencies have become popular worldwide. One of the biggest reasons behind the popularity of cryptocurrencies is bullish trends and rumors. Moreover, in recent times some of the world’s biggest institutions have also invested heavily in Ethereum and Bitcoin exchanges. This has also played an important role in making the crypto market possible.
The current ruling regime in Dubai is also working on accepting digital tokens as an authorized mode of payment in the country. Dubai is the world’s tourism hub and regulatory authorities are looking forward to bringing in the framework where people might be able to use digital tokens for payment purposes.
The CEO of Bittrex Global also believes that the worldwide crackdown against crypto mining might lead some of the world’s top crypto mining companies to Dubai. Crypto miners are currently on the run and looking for a haven to carry out their mining activities one more. The current initiatives taken by Dubai are encouraging blockchain technologies and exchanges.
Dubai being the financial hub in the region can attract massive foreign investments. However, crypto experts do believe that the arrival of blockchain-based crypto exchanges in Dubai will help the country to recover from the economic turmoil created by the covid-19. Dubai is not the only country finding it hard to cope with the economic crisis created by the covid-19.