Dubai to benefit from expanding crypto market, Bittrex Global CEO says

Published at: Aug. 30, 2021

The United Arab Emirates (UAE) and Dubai are among the friendliest jurisdictions for the cryptocurrency industry, according to Stephen Stonberg, CEO of Bittrex Global crypto exchange.

Dubai is likely to benefit from the expanding crypto market in the Middle East as local regulators increasingly accept blockchain-related technologies, Stonberg said in a Sunday Bloomberg interview.

The UAE and Dubai are “doing all the right things and they’re going to attract a lot of regional projects” in the cryptocurrency industry, Stonberg said. He stated that these jurisdictions provide a “great place” to set up a token project or run a cryptocurrency exchange, largely thanks to the region’s status as a tax haven.

According to data from the Tax Justice Network, the UAE became one of the world’s largest fastest-growing tax havens in March 2021 alongside Switzerland and Bermuda.

“I think Dubai is going to do fantastically well,” Stonberg said, adding that Bittrex now expects further expansion and more clients in the region. Bittrex Global is a global crypto trading platform for the Bittrex exchange, one of the largest crypto exchanges in the United States. 

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

Related: Crypto is no longer in the early adoption stage, Bittrex Global CEO says

The UAE has been cementing its presence in the digital asset industry recently, with Minister of Economy Abdulla Bin Touq Al Marri declaring in April that cryptocurrencies and asset tokenization will be key to the country’s plans to double its economy in 10 years. In July, the UAE joined the global central bank digital currency (CBDC) race.

The Dubai Financial Services Authority, the financial regulatory agency for the Dubai International Financial Centre, also initiated several crypto-related regulations this year, intending to adopt a ​​regulatory framework for diverse digital assets in 2021.

Tags
Uae
Related Posts
UAE crypto exchange BitOasis raises $30M to expand in MENA
Dubai-based cryptocurrency trading platform BitOasis is expanding in the Middle East and North Africa (MENA) with another major funding round. BitOasis closed a $30-million Series B funding round led by Chicago-based venture capital firm Jump Capital and Dubai-based VC company Wamda Capital, according to a Tuesday announcement. Wamda previously invested in BitOasis back in 2016, leading a seed funding round of an undisclosed sum. The latest round included new investors, such as Sam Bankman-Fried’s crypto trading firm Alameda Research, and Global Founders Capital, as well as existing investors, including Pantera Capital, Digital Currency Group and Belgium-based investment firm NXMH. The …
Adoption / Oct. 6, 2021
Cryptocurrencies Could Undermine Obsolete Laws, Says Cybersecurity Expert
Cryptocurrencies may render some outdated regulations obsolete, according to crypto-anarchist and white hat hacker Pavol Luptak. According to Luptak, “cryptocurrencies or crypto markets may undermine government laws and regulations that are obsolete for the 21st digital century.” He said, “I can say the Space Age technology will help us to escape from the Bronze Age rulership. Despite the fact that rulers will not like it.” “Although we spend a significant part of our lives in an unlimited borderless virtual online world, we are still trying to enforce the territorial laws valid for the physical world. I don't think it makes …
Decentralization / July 22, 2020
'We are the number two crypto miner in the world, and we see practically no financial return,' says Kazakhstan President Tokayev
During a meeting with representatives of the financial sector on Friday in Almaty, Kassym-Jomart Tokayev, President of Kazakhstan, expressed his opinion on the current state of affairs of the country's cryptocurrency industry. The details of the speech were posted on the official website of the President of the Republic of Kazakhstan, and translated by Cointelegraph: Cryptocurrencies are an objective factor that cannot be simply ignored. It is necessary to clearly evaluate their potential to influence the current financial system. President Tokayev speaking at a conference | Source: Akorda.kz He then added: Therefore, work should be resumed on the formation of …
Adoption / Nov. 19, 2021
Colombia clamps down on crypto tax evasion as adoption thrives
Down in Bogotá, cryptocurrency adoption is raging on. Colombia’s tax authority, the DIAN, (Dirección de Impuestos y Aduanas Nacionales de Colombia) has begun to catch up. It seeks to take “special measures” to crack the whip on cryptocurrency tax avoiders. In a statement released on January 28th, the DIAN stated that it would attempt to better regulate the cryptocurrency space, to work toward a more “honest” Colombia. The statement admits that Bitcoin (BTC) and cryptocurrency use is growing worldwide: “Currently, operations with crypto assets are a reality worldwide and with the boom in the use of so-called virtual currencies or …
Adoption / Feb. 2, 2022
Crypto tax deters 83% Indian investors from crypto trading: WazirX report
The implications of what anti-crypto regulations can do to a thriving economy can be seen first-hand unfolding in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report from WazirX reveals a change in investor sentiment as the Indian government imposed its second crypto law — a 1% tax deduction at source (TDS) on every crypto transaction. Trading volumes on Indian crypto exchanges saw an eventual reduction of 90-95% ever since the country introduced a law that would tax investors 30% on unrealized gains. With two consecutive taxes ready to eat away at their holdings, …
Adoption / July 6, 2022