Dubai, considered the business capital of the United Arab Emirates, is making a strong case to emerge as a crypto hub in the Middle East. The effect of relaxed rules for crypto operations can not only be felt across well known-corporations but also in restaurants and even schools. Here’s a list of the latest crypto development in Dubai.
Recently, ByBit and Crypto.com became the latest to set up shop in Dubai, joining an elite list of crypto exchanges that have targeted Dubai for their crypto operations. The likes of Binance, Kraken, eToro, Coinbase Kraken, and Bittrex are some of the other notable exchanges that have looked to build a presence in the city.
Relaxed rules for crypto operations and a green light from regulators are some of the reasons why large firms have focused their attention on the ‘Gulf Tiger’ for their crypto ventures. In a bid to attract more companies, the UAE said that it would issue federal licenses for virtual asset service providers by the end of the first quarter.
The increased pace of crypto adoption can be seen across multiple verticals from real estate to the food industry. The largest real estate developer in the country, Emaar, recently made headlines after accepting Bitcoin and other cryptos as legal tender.
Meanwhile, the meme wave-inspired a new Dogecoin-themed restaurant, allowing users to buy burgers made in a ‘cloud kitchen’.
More recently, cafe Bake N More became the first cafe to officially include Bitcoin as a mode of payment.
While such development has been spanning across the world, what’s surprising is that Bitcoin has even managed to penetrate the country’s education sector to reach out to the country’s youth.
Crypto Events
While the Dubai crypto adoption is advancing rapidly, the country has welcomed innovations and projects within the space. Dubai played home to the Crypto Expo which spanned from 27-29 March. Saitama, Impact XP, and Kishu Inu were among some well-known projects to participate in the event. Binance’s Blockchain week is currently ongoing in the country, with Cardano’s Charles Hoskinson among the notable speakers.