As <a href="https://www.arabnews.com/node/1908676/business-economy" target="_blank" rel="nofollow noopener">revealed</a> recently, the countries in the Middle East are beginning to see the importance of adopting Bitcoin and other cryptocurrencies as these digital assets are gaining ground constantly. This has come amid the <a href="https://www.cryptoknowmics.com/news/bitcoin-price-crosses-40k-mark-crypto-market-cap-nears-1-7-trillion/">rise in the prices</a> as well as the market capitalization of the crypto industry.
<h2>Ola Doudin of BitOasis on the Importance of Digital Assets Adoption, Talks Particularly About Bitcoin and Cryptocurrencies</h2>
The Chief Executive Officer of BitOasis, Ola Doudin, recently spoke to Arab News and said:
<blockquote>“There has been promising progress in the Middle East where some governments are really trying to be ahead of the curve and embracing this technology, as well as introducing frameworks that allow entrepreneurs and companies to thrive.” </blockquote>
These comments are released following the announcement of positive financial results of BitOasis for the first half of 2021, including trade volumes that surpassed $3 billion and a 200% growth in its user base.

Mentioning the acquaintance of its final regulatory licenses from the Abu Dhabi Global Market as a multilateral trading facility, Doudin said:
<blockquote>“We’re actively in talks with some of those regulators trying to transfer our knowledge as much as possible, acquire those licenses when it’s the right time to do so, and have constant communication with them.”</blockquote>
<h2>Challenges to be Faced on Regulations in Crypto Space</h2>
Acknowledging the regulation in the crypto space and the challenges it is going to face afterward, she said:
<blockquote>“The (crypto) space is evolving at lightning speed essentially. Every new month, there’s a new application, new technology, and new innovation.”</blockquote>
In addition to this, she laid an emphasis on the working of regulators and crypto practitioners and how it can result greatly if they work together. 

Regulations played a vital role in the growth of the crypto industry, and she told Arab News that <a href="https://www.cryptoknowmics.com/news/the-dire-need-for-crypto-regulations/">regulations</a> are mandatory and not a choice. She stated:
<blockquote>“It’s not basically a question of, should we regulate or not. It’s basically, when are you going to be regulating. They don’t have an option not to regulate because what we’re seeing, more and more, is that crypto is playing an integral part in financial services, and crypto continues to play a major part in transforming financials.”</blockquote>

Middle East Countries Beginning Embrace Bitcoin and Other Cryptocurrencies as Digital Assets Gaining Importance

Middle East is beginning to see the importance of adopting Bitcoin and other cryptocurrencies as these digital assets are gaining ground.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Middle East Countries Beginning Embrace Bitcoin and Other Cryptocurrencies as Digital Assets Gaining Importance

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