Dubai plans to launch its own cryptocurrency exchange

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As stated by Bittrex Global’s Chief Executive Officer; Steve Stonberg

Dubai is well-set to benefit from the prospering cryptocurrency market in the Middle East as regulators have started to accept blockchain-based technologies. Taking into account the fact that the UAE is a tax haven, it is a perfect destination to run a cryptocurrency exchange or set up a token project of your own.

Recently, Dubai has already launched several initiatives in order to promote the use of blockchain within the emirate and attract regional projects. For instance, in May 2021, Dubai Free Zone Authority signed an agreement with the Securities and Commodities Authority to support the regulation, listing, issuance and trading of crypto assets within the free zone. As well as this, the DMCC free zone launched a blockchain-based exchange for sugar trading in 2020 and the Bitcoin-based exchange-traded product, The Bitcoin Fund launched on the Nasdaq Dubai in June 2021, which was the first in the region.

The government of Dubai has also started applying blockchain technology to public services to save time, effort and resources in assisting its citizens in the most efficient way. In 2021, Dubai police issued almost 4,000 certificates against lost passports with the help of the technology. As a rule, it takes four days to get this certificate, however, the new services allow customers to get these documents faster in three steps instead of the previous eight. Moreover, applicants do not have to visit any of the service points physically, as they receive the certificate in their email. Customers can apply for a certificate via the Dubai Police smart app, on the Dubai police website or at a Smart Police Station in Dubai.

Furthermore, the UAE-based global education group has launched an innovative course for students aged 14 – 18 years old to assist them in learning about the future of bitcoin, crypto and blockchain. According to Carfax Education Group, pupils will take a deeper look at the various uses of crypto, such as NFT, as well as being given the opportunity to create their own NFT and list it on an open exchange. The course consists of six sessions that will last three hours and is available via the virtual learning platform; Carfax Online. It is worth mentioning that a group of students from Rochester Institute Technology in Dubai launched a media platform to deliver practical education and reliable information on cryptocurrency markets for GCC investors. GulfCrypt is the first-of-its-kind tool in the region. It also features a function that uploads real-time updates on cryptocurrency pricing in order to help traders manage transactions in no time.

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