The United Arab Emirates is on the path to becoming the region’s hub for crypto companies following its acceptance that the largest exchange be set there. Binance received in-principle approval of the Abu Dhabi Global Market, and Changpeng Zhao, the exchange’s CEO, has indicated they might opt to make Dubai their headquarters.
Talking to Arab News, Richard Teng, the exchange’s regional head for the Middle East and North Africa (MENA), said that Binance is looking forward to offering more products to clients in the region. “We want to become the platform that builds tools to bring about faster crypto adoption and improve the freedom of money …” he added.
Crypto Expansion in the Middle East
After acquiring a license from Dubai Virtual Asset Regulatory Authority, Binance now has the go-ahead to expand in the region with Dubai as a test center for crypto assets.
Teng further added that the Dubai administration is taking a proactive role and does not want to pool crypto assets together with other nations like the United States targets to do.
With restrictions coming from China, India, Thailand, and other Asian countries, and America still unsure of the path to take, Teng argues that the Middle East will become the ultimate crypto hub.
Crypto for the Next Generation
Teng added that working with the Dubai administration provides the confirmation of how well the nation supports crypto adoption, innovation, and blockchain development. These will ultimately become crucial pillars of the economy in the future, and Teng insists that they are only preparing the groundwork.
Binance has already entered into a partnership with the Dubai World Trade Center Authority to help in setting up and regulating the international digital asset ecosystem. It has also started hiring and boasts of another license to operate in Bahrain. Notably, FXT, another exchange, was granted a license to operate in Dubai in March 2022.
Emirates, the national carrier, has also unveiled its crypto ambitions with plans to transform its 2020 Dubai Expo into a global innovation center to attract talents. The airline will also engage in other projects, including metaverse and non-fungible tokens.