There are many regions in the world that are particularly friendly to the crypto industry, and Dubai is one of the most notable of them. Bittrex Global CEO Steven Stonberg also believes that Dubai is well positioned to benefit from the growth of the crypto market in the Middle East.
Dubai’s regulators are committed to increasing the use of blockchain technology. This trend is developing rapidly and gaining more and more acceptance.
Stephen claims that Dubai and the UAE are doing the right things that will attract numerous regional projects. In an interview with Bloomberg, he said that the region is a great place to start a token project or run cryptocurrency exchanges. He added that this is even better because the region is a tax haven.
Tax haven Dubai
Tax Justice Network noted that Dubai is one of the fastest growing and largest tax havens, along with Bermuda and Switzerland.
The Corporate Tax Haven Index 2021 study, released in March, said the UAE is among the top 10 places with dubious tax tendencies. Multinational companies have diverted more than $218 billion to the UAE to save taxes. As a result, financial activity in Dubai has increased by about 180%.
Recently, the UAE approved the establishment of a new government office to crack down on terrorist financing and money laundering. The goal is to burnish Dubai’s image as a hiding place for individuals and companies with questionable money dealings. Dubai continues to be a fast-growing country that attracts a large number of the world’s super-rich.
Cryptocurrencies in United Arab Emirates.
UAE has been working hard to strengthen its presence in the virtual assets industry. The Minister of Economy, Abdulla bin Touq Almari, stated in April that tokenization of assets and cryptocurrencies will be a major driver in doubling the country’s economy within 10 years. This was, of course, welcome news for all crypto enthusiasts.
Moreover, the Central Bank of the United Arab Emirates is developing a new cryptocurrency as part of its strategy. The goal is to become one of the top 10 central banks in the world with such elite and futuristic strategies.
The new cryptocurrency is expected to help both the economy of UAE as well as help the country see an eco-friendly transformation of the financial sector into a thriving digital economy.
Dubai has introduced some exceptional regulations related to cryptocurrencies in 2021. Such an acceptance of cryptocurrencies is yet to be achieved in most countries. The future for cryptocurrencies remains promising as entire regions enter the race to find the best strategy.