Crypto Currency Market in Gulf
Dubai.
The United Arab Emirates is about to take a major leap into the future, as the city of Dubai is developing its own cryptocurrency. Dubbed the “Dubai Coin,” this currency will use blockchain technology and be 100% backed by valuable assets most probably, which will make it one of the most stable cryptocurrencies in the world.
Dubai is better placed to benefit from the growing cryptocurrency market in the Middle East as government authorities promote the acceptance of blockchain technologies. Cryptocurrencies in the region will be regulated and can connect traders in major markets. Such as Dubai and Qatar with clients largely in Iran and Iraq.
The UAE is in the perfect position to attract in-region cryptocurrency projects. It is in the group of nations known for tax benefits, guiding in regional projects. Because of the success of having an established commodity exchange. It is an apt place for cryptocurrency exchange for this reason.
Crypto Currency Market in Gulf
The United Arab Emirates Government has already taken steps to increase Dubai’s use of blockchain. The government promises it will branch out to the rest of the Middle Eastern region. The decision by United Arab Emirates minister of economy Abdulla Bin Touq Al-Marri suggests that cryptocurrency and asset tokenization by UAE are the things other countries in the region such as Saudi Arabia and Kuwait will likely follow.
Earlier this year, the Dubai airport authority signed an agreement with the Securities and Commodities Authority to support crypto asset regulation in the free zone. DMCC also has a blockchain-based sugar exchange that will trade in the BTC fund listed on NASDAQ Dubai. This is the first in the region.
Cryptocurrency enthusiasts in Dubai can find an expanded list of offerings and more support from exchanges. Thanks to advancements such as blockchain and adoption rates that exceed expectations.
Dubai is an international financial hub with a promising future. The United Arab Emirates is the first country to offer cryptocurrency trading without any fees or taxes. With their own currency, Dubai will be able to raise necessary funds for projects while saving on transaction fees.
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Crypto Currency Market in Gulf