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Dubai to benefit from crypto growth, according to Bittrex CEO

Dubai to benefit from crypto growth, according to Bittrex CEO

Last updated 29th Jun 2022
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There are many crypto-friendly regions in the world, and Dubai is among the best. Steven Stonberg, the CEO of Bittrex Global, says that Dubai is well-positioned to gain from the growth of the crypto market in the Middle East.

Dubai’s regulators are leading a push for people to accept blockchain-related technology. And this is growing like wildfire.

Stephen claims that Dubai and the UAE are doing the right things that will attract multiple regional projects. In the interview with Bloomberg, he said that the region is a wonderful place to set up a token project or run cryptocurrency exchanges. This, he said, is made even better by the fact that the region is a tax haven.

Dubai as a tax haven

The Tax Justice Network states that Dubai is among the fastest-growing and biggest tax havens alongside Bermuda and Switzerland.

The study released in March, known as the Corporate Tax Haven Index 2021, stated that the UAE is among the top 10 places with dubious tax-related tendencies. Multinationals rerouted over $218 billion to the UAE to save taxes. This boosted the financial activity in Dubai by approximately 180%.

Recently, the UAE approved the creation of a new state office that tackles terrorist financing and money laundering. It aims to clean up its image as a hideout for people and businesses with questionable money schemes. Dubai remains a fast-growing country that attracts a vast number of the world’s ultra-rich.

Cryptocurrency in The United Arab Emirates

The UAE has been working hard to boost its presence in the virtual asset industry. Abdulla bin Touq Almari, the Minister for Economy, declared in April that asset tokenization and cryptocurrencies will be a primary driver in making the country double its economy within 10 years. Naturally, this came as significant news for cryptocurrency enthusiasts.

What’s more, The United Arab Emirates’ Central Bank is developing a new cryptocurrency as part of its strategy. Its goal is to become one of the top 10 central banks worldwide using such elite and futuristic strategies.

This new coin is slated to help run the economy of the UAE and support its green movement through transforming the financial services sector into a thriving digital economy.

Dubai has initiated some exceptional cryptocurrency-related regulations in 2021. Its acceptance of cryptocurrency is unmatched by most countries. The future continues to be bright for crypto as entire regions join the race to see who will have the best-performing strategy.

Walter Akolo

Walter Akolo

Walter is a writer from Nairobi, Kenya. He covers the latest news on the cryptocurrency market and blockchain industry. Walter has a decade of experience as a writer.