The CEO of the Bittrex Global exchange believes that the UAE and Dubai have become favorable jurisdictions for the cryptocurrency business. Local regulators are loyal to the cryptocurrency market and are developing blockchain-related technologies.
The CEO of Bittrex Global cryptocurrency exchange Stephen Stonberg said the United Arab Emirates and Dubai “are doing everything right” and “will attract many regional projects.” Giving the regions the properties of a tax haven will lead to the fact that these jurisdictions will become a “great place” to create new projects and trade cryptoassets. The UAE, along with Switzerland and Bermuda, has surpassed the United States as the largest and fastest growing tax havens in the world.
According to Stonberg, Bittrex expects a significant expansion and increase in the number of exchange clients in the region.
“I think things will go fantastically well in Dubai,” Stonberg said.
The United Arab Emirates has consistently strengthened its presence in the digital asset industry with numerous efforts to develop and implement blockchain-based technologies. Economy Minister Abdulla Bin Touq Al Marri said that “cryptocurrency and asset tokenization will be key to the country’s plans to double its UAE economy.”
According to local media reports, the UAE Central Bank intends to enter the top ten central banks that have launched the state cryptocurrency. The UAE regulator has set a clear timetable for its implementation, including this initiative in its development plan for the next few years.
The Dubai Financial Services Authority (DFSA) plans to develop regulations related to cryptocurrencies as part of its business plan for 2021-2022.
“We will build on the latest advances in the crypto industry. By implementing rules that support innovative business models and regulate digital assets (such as tokenized securities and cryptocurrencies), ”the DFSA said in a statement
The department plans to develop and adopt new rules during 2021.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
