Bittrex Global CEO says Dubai will profit from the growing crypto market.

With several initiatives to further implement blockchain-based technology, the United Arab Emirates has recently solidified its place in the digital asset business. According to Stephen Stonberg, CEO of Bittrex Global crypto exchange, the United Arab Emirates (UAE) and Dubai are among the most welcoming governments for the cryptocurrency business.

Dubai is set to gain from the Middle East's growing crypto sector, as local regulators progressively approve blockchain-related technologies, according to Stonberg in a Bloomberg interview on Sunday.

According to Stonberg, the UAE and Dubai are “doing everything right” and will “attract a lot of regional projects” in the bitcoin market. Because of the region's history as a tax haven, he believes these jurisdictions are a "wonderful area" to start a token initiative or establish a cryptocurrency exchange.

According to the Tax Justice Network, the UAE, along with Switzerland and Bermuda, became one of the world's fastest-growing tax havens in March 2021.

“I think Dubai will do phenomenally well,” Stonberg said, adding that Bittrex now expects further expansion and clientele in the region. Bittrex Global is a global crypto trading platform for the Bittrex exchange, which is one of the largest in the US.

The worldwide exchange, which is located in Liechtenstein, was officially inaugurated in September 2019. Bittrex Global got a digital asset license from the Bermuda Monetary Authority last year, allowing it to operate its crypto exchange under government supervision.

In April, UAE Minister of Economy Abdulla Bin Touq Al Marri stated that cryptocurrencies and asset tokenization will be critical to the country's goal to double its economy in ten years. The United Arab Emirates (UAE) entered the global central bank digital currency (CBDC) contest in July.

This year, the Dubai Financial Services Authority, the financial regulatory agency for the Dubai International Financial Centre, issued various crypto-related legislation, with the goal of adopting a regulatory framework for a variety of digital assets by 2021.


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