In the latest data released by Dubai Airport Free Zone, the Securities and Commodities Exchange, and the DMCC, Dubai is all set to tap the massive potentials of the fast-growing crypto market.
According to crypto exchange Bittrex Global, Dubai, with its initiatives in growing its economy, openness in new technologies, and international clout, is well-positioned to tap the power of cryptos.
In fact, the bustling city’s influence in the Middle East could grow further when it engages in the crypto market. And one of the biggest factors why Dubai can immediately leverage the expanding influence of cryptos is because its government is united in this goal.
Dubai regulators are pushing for mass adoption of blockchain-based assets and services to bring the posh city’s economy to new heights.
Stephen Stonberg, chief executive officer of Bittrex, said that Dubai is a prime place to set up a token project and even establish a crypto exchange operation.
Cryptos dominate Dubai
To better prepare Dubai for a crypto future, the DAFZA has signed an agreement with the SCE that would further open the country for cryptocurrencies. Through this agreement, cryptocurrencies are now regulated and can be traded anywhere within the free zone.
This free zone refers to the business hub located within the Dubai International airport that has 1,800 registered businesses from more than 20 different industries.
Business-friendly
All businesses within this area benefit from a business-focused regulatory environment and allow businesses to have total earnings and full repatriation of revenues.
Businesses operating in the United Arab Emirates must register for either a “free zone” or “offshore” trading license. The Dubai Multi Commodities Centre has opened a blockchain-powered exchange called DigitalSugar.io, which focuses on sugar trading.
Stonberg said that with Dubai’s vibrant crypto environment, Bittrex Global will expand its presence in the country and benefit from its growing crypto market.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/dubai-can-leverage-the-rise-of-cryptocurrencies/
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