Dubai: Will the Middle East new crypto oasis go global

Cryptocurrency is a growing investment model. It is now evident from the growing trends and market figures. The market has raised the bar and investments have grown. The current market volume of crypto is more than $3 trillion. There are approximately 13k cryptos currently in the investment market. The growing currency and market volume are only increasing day by day. If you decide to invest in crypto, visit https://bitqt-app.com/ to make your bitcoin investment grow.

With the growing market increase, countries started adopting this investment model. It created revenue within the system through taxes. The growth of crypto also made way for the opening of crypto exchanges in the country. Such exchanges are under the constant monitoring of regulatory authorities.

Is there a crypto hub growing?

Yes, crypto hubs are not a new concept. Many countries are moving forward to make this investment easier. The government is looking at creating steering committees and monitoring agencies. Such agencies will work to ensure that investor interest is taken care of. 

Many countries are also looking forward to making regulations much easier for exchanges. All crypto exchanges come under the regulation and federal authority. It is responsible to watch all user transactions. These regulatory agencies are also connected with exchanges to obtain details of investors. This way investor interest is also protected. 

Is Dubai becoming the next crypto hub?

Dubai has always been open to accepting cryptos. It has always been ambitious about crypto projects. The country has regulations in place to ensure that crypto investments are monitored. Dubai has taken a safe position to make it open for crypto investment. Among other popular places in UAE, Dubai is making projects making it crypto-friendly. Is the location a contributing factor? The answer is a yes. Located with much easier access to other countries including Europe, Asia, and Africa. Dubai is becoming an ideal location to make it a crypto hub. The country is also attracting many investments in decentralised finance. There is also the growth of the crypto decentralised exchange. Investments are also pouring into advances in a blockchain platform. 

Crypto whale from Singapore to Dubai

The Emirate country focused on driving crypto investments from last December onward. The government also came up with announcements on new regulations underway. The Dubai government is looking to regulate and improve opportunities for crypto investments. The country was also in talks with major crypto firms. It is encouraging these firms to have their offices set up in Dubai. This will allow for more investments in the country.

The Dubai government has got into a contract with Binance. It is the world’s largest and most popular crypto exchange. The memorandum of understanding will help Dubai to establish itself as a crypto hub. Following this, another exchange crypto.com has also agreed. Both these exchanges together will help develop Dubai as a hub. Additionally, these exchanges are also getting into recruitment drives. It will allow boost economic growth also. Other than native exchanges, Dubai is also granting licenses to native exchanges. The exchange is available on a bi-lingual platform and helps customer investments in UAE. 

Relatively higher competition

Not Dubai, even Israel, and Bahrain are trying their luck with crypto investments. Efforts are being made to bring in increased crypto investments in these countries. Unlike UAE, Bahrain has recognized crypto as an official and legal payment model. Users can invest, withdraw, and transfer funds from one to another easily. The transaction also backs the official banking system. 

Bahrain has also got its engagement initiated with binance.com. The exchange is looking to open another office in Bahrain. Compared to other Middle East countries, Bahrain was always ahead of the curve. 

The banking system is the biggest hurdle in Dubai. Crypto investments are not backed by any financial agency in Dubai. The currency still uses the concept of decentralised finance. The UAE government is also looking at conducting seminars and workshops on cryptos.

Causes of concern that can stop Dubai from becoming a crypto hub

There are certain trends and user practices in Dubai that can hamper crypto growth. Crypto operators in Dubai get requests from Russian elites to open their operations. As per recent reports, the estimate of Russian investment stands at more than $300 million. Given the current situation, Dubai needs to work to make the crypto hub possible. 

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