Recent developments in Dubai by the Dubai Airport Free Zone, the Securities-and-Commodities Exchange, and the DMCC have made the country capable of becoming an appealing harbour for the trading of crypto-based assets.
Dubai’s venture into cryptocurrency
The chief of Bittrex Global is praising Dubai for being a well-known beneficiary who is taking a lot of profit from the advancing crypto market across the Middle East because the regulatory bodies in Dubai are attempting to adopt blockchain-based technologies. Bittrex CEO ‘Stephen Stonberg’ recommends to the developers and owners that Dubai and the UAE are turning to be good stations for operating a crypto exchange or developing a token project.
A move towards the establishment of the crypto industry in Dubai
The Airport-Free-Zone-Authority has sanctioned a contract with the Securities-and-Commodities-Exchange for providing an opportunity to construct an appropriate regulation regarding the offering and trading of crypto assets in a relatively independent manner. The Free-Zone, a business market situated inside the international airport of Dubai, incorporates up to 1800 affiliated businesses that relate to more than 20 sectors. These businesses aim at tax as well as the regulatory system that delivers the complete possession and renovation of earnings along with many other benefits.
It is necessary for the businesses running within UAE to acquire a specific trade license related to either offshore or free zone. In 2020’s October, a blockchain exchange was opened by the DMCC (Dubai-Multi-Commodities-Center) of the country, which is named DigitalSugar.io, for the trade of sugar. The blockchain which provides the basis for the exchange to operate is the Universa blockchain. Stonberg pointed out that Bitcoin and Ethereum are the driving factors behind the crypto market; thus, Bittrex Global is considering spreading its dimensions throughout the country with more consumers.
Crypto enthusiasm during the recent weeks
In recent weeks, an unmatched advancement has been witnessed in the cryptocurrency due to the words of Cathie Wood (the Ark Invest CEO) and Elon Musk (the CEO of Tesla) that played a key role in the progress of the crypto market passion. A great optimism has also been induced by the Federal Reserve’s chairman ‘Jerome Powell’ who had made an announcement stating that the Central Bank of the United States would allocate nearly $120 million to be spent monthly in assisting the market in tackling the upcoming fears.