The United Arab Emirates (UAE) has been working hard to become a central financial hub in the Middle East and North Africa region. In recent years, Dubai has emerged as one of the most important global centres for trade and finance. The city is home to many of the world’s leading banks and financial institutions and is a popular destination for international businesses.
Now, Dubai is looking to position itself at the forefront of the global cryptocurrency trading market. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions. Bitcoin, the best-known cryptocurrency, was launched in 2009 and has grown to become the largest digital currency by market capitalisation.
There are now more than 1,600 different types of cryptocurrencies in existence, with a total market value of over US$200 billion. Cryptocurrencies are bought and sold on exchanges and can also be used to purchase goods and services.
The UAE is ideally placed to become a central hub for cryptocurrency trading. The country has a large and sophisticated financial sector, and its economy is increasing. Dubai also has a reputation for innovation and was one of the first places to adopt blockchain technology.
Cryptocurrency regulations in Dubai
The Dubai government has been supportive of cryptocurrencies and blockchain technology. In 2018, the Dubai Financial Services Authority (DFSA) announced that it would begin regulating digital assets. The DFSA is the regulatory body responsible for overseeing the Dubai International Financial Centre (DIFC). This free zone is home to many of the city’s leading banks and financial institutions.
The DFSA’s regulatory regime will cover ICOs, cryptocurrency exchanges, and other digital asset businesses. The authority has said that it wants to create a “safe and enabling environment” for businesses operating in the digital economy.
The Dubai authorities are also working on launching their digital currency, called emCash. They will use cryptocurrency to make payments for government services and utility bills. The UAE dirham and available will back it through a mobile app.
Where to trade cryptocurrencies in Dubai
Here are some of the best cryptocurrencies platforms in Dubai.
BitOasis is the leading digital asset platform in the Middle East and North Africa (MENA) region. BitOasis was founded in 2015 and is headquartered in Dubai. BitOasis has a team of over 30 people and has raised $2 million from investors, including Sequoia Capital and Wamda Capital.
BitOasis’s mission is to make it easy and safe for users to buy, sell, and store digital assets such as Bitcoin and Ethereum. BitOasis offers a secure wallet that supports multiple currencies and allows users to buy cryptocurrencies using their credit card or bank transfer. The company also has a cryptocurrency exchange, which launched in December 2017.
BitOasis is licensed by the DFSA and is compliant with AML/CFT regulations. The company’s products and services are available to users in the UAE, Saudi Arabia, Kuwait, Bahrain, and Oman.
Coinbase allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The company also offers a wallet service, which supports the storage of cryptocurrencies. Coinbase is available in 32 countries and has over 10 million users.
Coinbase is licensed by the US Financial Crimes Enforcement Network (FinCEN) and is compliant with AML/CFT regulations. Coinbase is also a member of the Virtual Currency Alliance (VCA), an industry body that promotes best practices in the cryptocurrency sector.
Kraken is a digital asset exchange company headquartered in San Francisco, California. The company was founded in 2011 by Jesse Powell and has raised $10 million from investors, including Hummingbird Ventures and Blockchain Capital.
Kraken allows users to buy and sell cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Monero. The company also offers a wallet service, which supports the storage of cryptocurrencies. Kraken is available in 48 countries and has over 10 million users.
If you’re looking to trade Crypto, Dubai is an excellent choice. The city offers a safe and regulated environment for businesses operating in the digital economy. With its large financial sector and supportive government, Dubai is well placed to become a central hub for cryptocurrency trading. New traders are advised to contact a forex crypto broker before investing in cryptocurrency.