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Dubai To Benefit From Expanding Crypto Market, Bittrex Global CEO Says

Last updated on October 21, 2022

As per a recently released report, Bittrex Global Ceo said that Dubai is in a great position to benefit from the growth of the cryptocurrency market.

Many regulators in the Middle East regions are pushing towards the acceptance of all blockchain-based technology. The information was given by Bittrex Global’s CEO.

As per his comments, the United Arab Emirates and Dubai were doing the right things to attract new regional projects. As per a comment made by Stephen Stenberg, the CEO of digital assets exchange, Dubai is a great place if you want to set up your token project. He also said that these places in the Middle east have the status of being a tax haven.

Dubai, which is a financial hub, has already taken different steps to bolster and improve the use of blockchain. Stoneberg also added that he expects the Middle Eastern sovereign wealth funds to make blockchain allocations.

In the month of May, Dubai Airport Free Zone Authority signed an agreement to support the regulation as well as offering the trading of crypto assets within the free zone. The DMCC free zone in the city also opened a blockchain-based exchange for trading sugar. Bitcoin funds were also listed on the Nasdaq Dubai exchange in June. This is for the first time that Bitcoin is gaining so much prominence in Dubai and regions around Dubai.

As per the Bittrex CEO comment, Dubai is doing very well by embracing cryptocurrency. He also added that Bittrex also expects to have an expanded presence and more clients in the Middle East region.

The news about cryptocurrency has rallied in the last few weeks with the voices of Elon Musk and Cathie Wood. Thus, it is boosting sentiment among people to make an investment in Bitcoin and cryptocurrencies.