The global CEO of Bittrex stated that Dubai will benefit from the expanding crypto market

The CEO of Bittrex Global cryptocurrency exchange stated that the United Arab Emirates (UAE) and Dubai are among the friendliest jurisdictions in the cryptocurrency industry.

As local regulators increasingly accept blockchain-related technologies, Dubai may benefit from the expanding cryptocurrency market in the Middle East, Stephen Stonberg, CEO of Bittrex Global Said In a Bloomberg interview on August 29.

Stonberg said that the UAE and Dubai are “doing all the right things and they will attract many regional projects in the cryptocurrency industry”. He stated that these jurisdictions provide a “good place” for establishing token projects or running cryptocurrency exchanges, thanks in large part to the region’s status as a tax haven.

According to data from the Tax Judicial Network, the UAE became One of the world’s largest and fastest-growing tax havens, tied with Switzerland and Bermuda in March 2021.

“I think Dubai will do very well,” Stonberg said, adding that Bittrex now expects the region to expand further and add more customers. Bittrex Global is the global crypto trading platform of Bittrex Exchange, one of the largest crypto exchanges in the United States.

The global exchange is Officially launched in September 2019 Headquartered in Liechtenstein. Last year, Bittrex Global received The digital asset license to operate its crypto exchange under the supervision of the Bermuda Monetary Authority.

related: The global CEO of Bittrex says that cryptocurrencies are no longer in the early stages of adoption

The UAE has recently been consolidating its position in the digital asset industry. The Minister of Economy Abdulla Bin Touq Al Marri announced in April that cryptocurrency and asset tokenization will become The key to the country’s economic doubling plan Within 10 years. July, UAE Join the global central bank digital currency (CBDC) competition.

The Dubai Financial Services Authority, the financial regulator of the Dubai International Financial Centre, also A number of encryption-related regulations have been launched This year, it is planned to adopt a diversified digital asset regulatory framework in 2021.