UAE wants to change crypto landscape in Asia; Here’s what it’s up to

Namrata Shukla
Source: Pixabay

The cryptocurrency wave is rising and the nations do not want to wait it out, United Arab Emirates is one of them. As per recent developments, the UAE was deliberating with Asian firms who want to relocate to the Gulf nations. This discussion is a part of the country’s effort to become a hub for crypto technology.

According to the minister of state for entrepreneurship and SMEs, Ahmad Belhoul Al Falasi there were multinational firms “waiting to relocate out of east Asia.” He added that the government was holding talks with “several” firms contemplating a base in the UAE due to tougher regulations elsewhere.

This news comes on the heels of the Dubai World Trade Centre’s [DWTC] announcement to become a crypto zone and regulator of crypto and virtual assets. This was done as a part of efforts by the UAE to attract new business as regional economic competition intensifies. To no one’s surprise, exchange giant, Binance signed a cooperation agreement with the DWTCA.

While the former was looking to establish an international virtual asset ecosystem, Binance aimed to assist the development of virtual asset regulations in Dubai. The crypto exchange has been amidst regulators from across the world due to its operations. This could help binance in to improve relations with regulators.

Binance CEO Chang Peng Zhao noted,

“Through our leadership position and expertise, combined with the long-term vision of Dubai, we plan to develop a regulatory framework appropriate to fit the fast-moving and progressive nature of virtual assets.”

This rising interest of businesses and citizens could be driving UAE to change the crypto mining and business outlook at least in Asia. While noting the significance of crypto Al Falasi concluded,

“As long as you are following the right regulation, there is no harm in adopting such technology or putting the regulation in place.”