The UAE, Dubai and Bahrain continue to attract major cryptocurrency exchanges and businesses due to their progressive regulatory approaches.
News Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE’s general manager. Alex Chehade, who heads Binance’s local operation in Dubai, tells Cointelegraph reporter Ezra Reguerra that progressive regulatory frameworks in the region are a major drawcard for startups and established industry players: Chehade believes that regulators in other jurisdictions have not quite figured out or taken the time to learn the ins and outs of the cryptocurrency landscape or simply lack the “bandwidth” to begin regulating the sector: The Binance FZE general manager adds that businesses need certainty in order to create long-term plans, and the regulatory parameters that exist in these specific jurisdictions facilitate that process. Chehade also highlighted Binance’s role as a catalyst for Web3 companies and startups to establish in the region. Chehade stated that Binance now employs around 600 people in its Dubai-based operation and will continue to play its part in fostering the industry. He adds that Binance FZE has been operating as a regulated exchange in Dubai for a year and a half and is segregated from the rest of its global operations with ring-fenced custody and operations.
In a prior interview with Cointelegraph at the Blockchain Economy Dubai Summit, Akshay Chopra, Visa’s vice president and head of innovation and design, echoed Chehade’s sentiments regarding the region’s progressive regulatory outlook. As a board member of the MENA Fintech Association, Chopra highlighted the “forward-looking and inclusive view of blockchain and crypto solutions” as a key driver of growth for the sector in the region: Research from blockchain analysis firm Chainalysis indicates that the Middle East and North Africa (MENA) region is the fastest-growing cryptocurrency market in the world. Transaction volume in the region reveals users received $566 billion in crypto between July 2021 and June 2022. 
Join us on social networks
