Dubai is considered the biggest economic and commercial gateway into the business community of the Middle East. Any industry that wants to have a fighting chance in the Middle East needs to make its space in the region first. The local government has also introduced trade-free zones in the region to encourage the flow the foreign investment. Among the MENA (the Middle East and North Africa) nations, Dubai is planning to take the lead in the field of cryptocurrencies as well.
The two major state agencies of Dubai, namely Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA), have recently signed up a charter to make digital asset trading more convenient in the region. As per the new regulations, the business community will be able to trade with cryptocurrencies in the free trade zone. With this new amendment, Dubai has become the most favourable city with the fastest growing digital asset-based enterprises.
Dubai Openly Accepts Emerging Bitcoin Technology
The CEO of Al Suwaidi recently told the media that the initiative for crypto adoption was taken by the Minister of Economics Abdullah Bin Touq Al Marri and the chairperson of the SCA Board. The main reason behind this enhancement of financial policy is made keeping in view the increasing use of crypto payments on commercial and individual levels. The people who are visiting the country can book their hotel tickets with digital assets, and there are more than 1375 new blockchain-based enterprises opened in the region in 2021 alone.
This massive output and interest in cryptocurrencies have allowed the state agencies to take into consideration the wider application of digital assets application and implementation. He further added that the SCA is currently planning to introduce specified regulations related to crypto trading, exchange, sell, and purchase. The SCA is also concerned with supervision and monitoring of the licensing and registration of crypto-based entities in the region.
Afghanistan is currently going through a change in political leadership and governance. During this massive transition, the country has been able to obtain the rank of 20th on the global scale in terms of cryptocurrency adoption. Considering the poor state of the economy, it is not a huge surprise that a lot of local citizens are taking an increasing interest in crypto-based investments.
On the other hand, there are also countries like Israel that have invested more than $100 million into the GBTC for making profits for the private sector. At the same time, several new crypto exchange platforms are emerging in Asia, like Rain, BitOasis, and Paxful. The lion’s share of consumers for these cryptocurrencies exchanges is based in countries like Saudi Arabia, Kuwait, Oman, and Bahrain.