Experts estimate that Dubai’s position will lead to impressive benefits from the continuous growth of the cryptocurrency market in the Middle East. Regulators aim to approve the use of blockchain-based technologies, as Bittrex Global’s chief executive states.
The United Arab Emirates and Dubai focus on attracting many regional projects. According to the digital assets exchange CEO Stephen Stoneberg, the UAE is an excellent area to start or run a cryptocurrency exchange. Dubai is the financial hub of the UAE, which is why it’s focused on supporting the use of blockchain technology within the city.
Dubai embraced cryptocurrency trading and continuously took the steps necessary to support it. In May, the Dubai Airport Free Zone Authority signed an agreement with the Securities and Commodities Authority. It aims to support the regulation and provide access to crypto trading within the free zone.
Cryptocurrencies have experienced dramatic growth during the past months. Since most institutional money is going into Bitcoin and Ethereum, blockchain-based technology remains the main driver for the market. Many investors support Bitcoin and promote it as one of the best approaches to online trading.
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