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Binance Names UAE 1st Hub for Crypto Industry

1 year ago

Bitcoin exchange Binance considers the UAE as a “key point” for its business. This was stated by the regional manager of the company Alex Cheheid in an interview with Cointelegraph.

In his opinion, the Emirates is the main emerging destination for the digital asset industry with a friendly regulatory environment.

“Binance determined that the top management of the UAE wanted to make the region the focal point for Web3. They are trying to diversify away from fossil fuels and see [cryptocurrency] as a great incentive to do so,” said Chehaid.

The UAE Virtual Assets Regulatory Authority (VARA) is a key driver of interest in new technologies in the region, the company’s top executive said.

He also drew attention to the large influx of young professionals and investors into the country. In his opinion, this could speed up the adoption of digital assets in the jurisdiction.

The UAE occupies a leading position in terms of the percentage of citizens owning cryptocurrencies – 27.6%.

“There is a clear structure that people and companies can interact with while you just don’t see it elsewhere,” Cheheid added.

Binance received the VARA license in March 2022. Exchanges OKX and Huobi are also authorized to operate in the country.

In February 2023, it became known about the plans of the government of Ras Al Khaimah, one of the emirates of the UAE, to create a free zone for companies in the digital asset industry.

In April, the local Securities and Commodities Authority began licensing crypto service providers.

Recall that Coinbase management called the UAE a possible strategic hub as part of the company’s overseas expansion.

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