Bittrex CEO Says Dubai is a “Great Place” for Crypto Companies

Divya  |  Aug 31, 2021

Bittrex Global’s CEO Stephen Stonberg endorsed Dubai as a lucrative destination for crypto companies in a recent interview with Bloomberg. He credited regulators in the United Arab Emirates for their efforts to foster cryptocurrency adoption and making Dubai attractive for digital assets investors.

Dubai is Well Positioned to Reap Benefits of Crypto Market: Bittrex CEO

According to Stonberg, the jurisdictions of the United Arab Emirates and Dubai are  “doing all the right things and they’re going to attract a lot of regional projects” related to crypto-assets. He added that the region is overall a “great place” for token projects and cryptocurrency exchanges to set shop, owing to its status as a tax haven.   

Dubai has actively extended support to digital assets and undertaken several measures to integrate blockchain technology into the city. In May, Dubai Airport Free Zone Authority signed an agreement supporting regulation and trade of virtual assets with the Securities and Commodities Authority (SCA). Shortly after, the city’s Nasdaq exchange listed its first Bitcoin Fund in June.

Stonberg anticipates this push to gather further momentum with Middle Eastern sovereign funds diverting assets to blockchain allocations. “I think Dubai is going to do fantastically well,” he told Bloomberg while hoping for an expansion and more clients in the city.

Dubai Eyeing Cryptocurrencies to Double GDP

Earlier this year, UAE’s minister of economy Abdulla Bin Touq Al Marri pointed out that digital assets and tokenization will be central to the country’s ambitions of boosting its GDP. The minister said that the country intends to grow its gross domestic product by 7% annually, which would set the course for doubling the size of its economy by 2030. 

The United Arab Emirates is also researching central bank digital currencies for future use. In July, Gulf News reported that the country’s central bank, CBUAE, was looking at a three-year plan from 2023-2026 to introduce its CBDC. The institution is also said to be considering artificial intelligence and big data solutions to aid its digitization efforts.

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