According to Stephen Stonberg (CEO of Bittrex Global crypto exchange), the United Arab Emirates (UAE), and Dubai are two of the most friendly jurisdictions for cryptocurrency industry.
Dubai is likely to benefit from the expanding crypto market in the Middle East as local regulators increasingly accept blockchain-related technologies, Stonberg said in a Sunday Bloomberg interview.
Stonberg stated that Dubai and the UAE are doing "all the right things" and will attract many regional projects in the cryptocurrency industry. These jurisdictions are a "great place to set up a token exchange or project, thanks to their status as tax havens.
According to data from the Tax Justice Network, the UAE became one of the world's largest fastest-growing tax havens in March 2021 alongside Switzerland and Bermuda.
Stonberg stated that Dubai will do fantastically and added that Bittrex expects more expansion and clients in the region. Bittrex Global, a global cryptocurrency trading platform for Bittrex's exchange, is one of the most important crypto exchanges in America.
The global exchange was officially launched in September 2019 and is headquartered in Liechtenstein. Last year, Bittrex Global received a digital asset license to operate its crypto exchange under the supervision of the Bermuda Monetary Authority.
The UAE has been cementing its presence in the digital asset industry recently, with Minister of Economy Abdulla Bin Touq Al Marri declaring in April that cryptocurrencies and asset tokenization will be key to the country's plans to double its economy in 10 years. In July, the UAE joined the global central bank digital currency (CBDC) race.
The Dubai Financial Services Authority, the financial regulatory agency for the Dubai International Financial Centre, also initiated several crypto-related regulations this year, intending to adopt a regulatory framework for diverse digital assets in 2021.