Dubai has expressed its interest in becoming a leader in the crypto space time and again. A while back, they approved their first laws to regulate crypto and become a leader in the space. And now, they have taken one more step by allowing Binance Holdings to offer its products to institutions and authorized investors. This is just the starting phase of the operations of the company, and they are already getting so much exposure.
Binance’s role in Dubai’s future in crypto
Binance is playing a major role in offering essential services and improving adoption in Dubai. The company’s regional head of MENA, Richard Teng, said that they want to offer more products and serve a wider customer base. They have already received the official licenses from Dubai and can now operate in the region without any trouble.
Teng also said that Dubai understands crypto is different from securities and is following an interesting and innovative approach towards it. They are planning to bring a new framework that positions crypto as a part of the value chain while managing risk and supporting innovation. It is this approach toward crypto and the support that Binance is getting which makes Dubai different than most other nations.
We will often see smaller nations support crypto while larger, more prominent nations put restrictions on it. In this case, Dubai is supporting the industry and also has the infrastructure to innovate in the space.
The crypto-friendly ecosystem
Binance, the largest crypto exchange by trading volume, plans to build a crypto-friendly ecosystem that is transparent and secure. In December 2021, it signed a deal with Dubai to help set up and regulate the virtual asset ecosystem. It sets up a great example for a private-public partnership. The company is also planning to hire for nearly 100 positions in the United Arab Emirates.
Dubai is not the only UAE country to adopt a positive approach toward cryptocurrencies. Abu Dhabi is also giving out licenses to crypto exchanges like Binance and is formulating a framework for crypto. Do you think Dubai can become a leader in the crypto space? Or some other country might take away the crown? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.