The first cryptocurrency exchange in Dubai-UAE is soon going to be officially registered and permitted to operate in the country. Exchanges are the soul and heart of the cryptocurrency industry across the globe as they give traders an opportunity to exchange their digital assets for other similar currencies or fiat currency.
Dubai First Cryptocurrency Exchange
As reported by News BTC, Crypto Bulls and Al Zarooni Group have joined hands to create and launch the first cryptocurrency exchange in Dubai-UAE. The platform will be called Crypto Bulls Exchange and cryptocurrency experts strongly believe that it will promote growth of the industry in UAE.
In a recent interview, Suhail Al Zaroon, the chairperson of Al Zarooni Foundation said that the creation of this platform is a major milestone that will help the firm fully capitalize on the global investment opportunities available in UAE and abroad. Suhail also said that a majority of financial techs and institutional investors are interested in investing in this new technology.
The joint venture between the two firms will ensure Crypto Bulls Exchange functions properly and delivers the expected results. The Founder and CEO of the platform, Shasha Gupta also recently stated that the cryptocurrency industry is continuing to expand and grow in the UAE. Shasha also revealed that more than 200,000 traders have shown interest in doing business with the exchange in the last six months.
Crypto Bulls Exchange will provide fiat-trading pairs in local currency, that is, the Arab Emirates Dirham (AED). At the time of writing, the company is yet to provide details of the specific pairs that will be available on the platform. UAE government support for this project will also promote its growth once it is fully launched and operational. Foreign investors from Middle East and Asia are expected to use the platform to purchase and trade in various cryptocurrencies such as Bitcoin.
Cryptocurrency Industry in United Arab Emirates
UAE government support for cryptocurrency and blockchain technology positions the country at the top alongside Malta, South Korea, and Singapore. The three countries have shown tremendous support for the industry – they are currently considered the top destinations for any blockchain and cryptocurrency business.
The government recently launched a UAE blockchain strategy whose main objective is to have more than 50% of all government transactions done using blockchain technology by 2021. To achieve this goal, digital assets such as Bitcoin must be included in the plan as well as regulations to mitigate the risks.
Also, a government backed cryptocurrency dubbed Emcash is currently being developed and will soon be launched. As Dubai embraces and opens its doors to cryptocurrency and blockchain technology, we expect to see the global fintech companies move in quickly and set up camps to take advantage of the lucrative market in UAE that is yet to be fully exploited.
Already, Ripple has announced that it will open an office in Dubai before the end of this year, 2018. The announcement was made by none other than Dilip Rao, Ripple’s Global Infrastructure Innovation Head during the just concluded Global Islamic Economic Summit. Dilip also added that the company now has a total of three banks in Saudi Arabia, one in Oman, two in Kuwait, and several in United Arabs Emirates.
The first cryptocurrency exchange in Dubai- Crypto Bulls Exchange- will have a major impact on the cryptocurrency industry not only in UAE but also across the globe. Read more news about cryptocurrency here.