Dubai is not only one of the biggest economies in the world but it also has the fastest-growing cryptocurrency sectors. The artificial city, which is also described as a good example of modern architecture, has managed to witness a push for blockchain tolerance, as well as gold trading.
Regulators in the entirety of the Middle East have been strict for a long time but the future is looking pretty bright. Bittrex Global director confirmed that Dubai has shown a green light towards Bittrex regulations. A prominent figure from Bittrex, Stephen Stonberg, who is the current chief executive officer for the digital assets exchange section indicated that Bittrex has come at the right moment to provide token projects and cryptocurrency exchanges.
In addition, Stonberg noted the benefits brought about by the tax sector. In actual fact, Dubai has already initiated steps in bolstering cryptocurrency and blockchain services. Stonberg believes that in a matter of months Dubai will become a cryptocurrency hub with fast and efficient blockchain allocations.
Such initiatives include an agreement signed in May this year by Dubai Airport Free Zone Authority. The main objective was to support regulation with securities and those targeting commodity authority. It was and continues to be a fruitful engagement as it provides crypto assets security, pure regulations, and better offers.
Sugar trading was also made possible in May through an official launch of a blockchain exchange on DMCC Free Zone. Many clients across Dubai have managed to access this free zone and testimonials of benefits have poured. To set the record straight, this exact sugar engagement is the first in Dubai.
According to Stonberg, Dubai will become the ultimate cryptocurrency hub because Bittrex can accommodate many clients at the same time expanding its transaction reach. Clients can rest assured of good service provision because prominent names in the cryptocurrency industry have been gunning for Dubai investments.
You talk of Tesla Inc CEO Elon Musk and general manager Cathie Wood who continue to call out for boosts in investments. The market has its fears eased by comments and opinions from Federal Reserve top brass Jerome Powell.
He has continued to recommend digital investments. Stonberg assures investors from the Middle East to embrace cryptocurrency investments because a lot of cash is making its way to Ethereum and bitcoin. These are the major drivers in the crypto market.
How Dubai is embracing Crypto?
To enlighten potential investors on the proper definitions and detail of bitcoin and cryptocurrency, Dubai recently hosted a fruitful conference under the banner AIBC. The event was graced by AIBC founder and current chief director Eman Pulis. Their main aim was to fill that gap of bitcoin know-how.
Eman Pulis said that such summits are all in all meant to empower potential or prospective investors in understanding how the cryptocurrency community is structured. It’s also a stage where people get to understand what blockchain is and how its services impact investment. All there is to know is that cryptocurrencies are digital meaning that bitcoin and Ethereum can not be operated the same way clients operate fiat currencies like Euro and USD.
Another important factor is that central banks and major traditional financial structures are not attached to cryptocurrency though we are noticing a gradual shift in some countries. On the global platform, many businesses are embracing cryptocurrency as a formidable form of payment which is great really because clients get to enjoy fast and diverse means of transacting.
However, mainstream acceptance of cryptocurrency transactions and investments are still sanctioned through Dubai seeks to disengage from that. You are probably wondering how they are going to do that but recently Dubai kick-started by launching a new DMCC crypto center, a clear-cut resemblance that Dubai means business.
Ahmad Hamza who is currently holding the Executive Director post at DMCC Free-zone indicated that the center was created with a primary objective of providing different services for a lot of crypto-based firms and blockchain-based entities. The main goal is to reach a resounding success and future expansion.
DMCC respects crypto security and regulations. They believe that blockchain will go a long way in changing the market for the better. Pivotal events or conferences like AIBC enlighten on good branding of AI’s and elevation of individual scoops. Blockchain is the future of all technology and Dubai is pretty proud of joining the bandwagon.
Crypto Background and Views
All thanks go to Dr. Scott Stornetta and Stuart Haber who launched the first blockchain in the year 1991. That’s way back and you can actually see how it has transformed into a giant.
A wave of critics has inclined to the notion that cryptocurrencies are very volatile to the core and have high risks. However, Dr. Stornetta defends himself citing that the internet has offered a bliss of benefits in terms of blockchain services rather than risks.