Binance names UAE a ‘key hub’ for the crypto industry

The Bitcoin exchange Binance regards the UAE as a “key point” for its business. This was stated by regional manager Alex Chehaid in an interview with Cointelegraph.

In his view, the Emirates are a major growth area for the digital assets industry, with a friendly regulatory environment.

«Binance определила, что высшее руководство ОАЭ хотело сделать регион координационным центром для Web3. Они пытаются диверсифицироваться, отказываясь от ископаемого топлива, и считают [криптовалюту] отличным стимулом для этого», — отметил Чехейд.

The UAE’s Virtual Asset Regulatory Authority (VARA) is the key driving force behind interest in new technologies in the region, the company’s top executive noted.

He also pointed to a large influx of young professionals and investors into the country. In his view, this could accelerate the adoption of digital assets in the jurisdiction.

The UAE ranks first globally in the share of citizens who own cryptocurrencies — 27.6%.

Here is an interesting piece of statistics for you to consume, showing the UAE ranking 1st in crypto owners, globally, in % of population. https://t.co/XZveSPRbLw

— Binance MENA (@BinanceArabic) June 14, 2023

«There is a clear framework with which people and companies can interact, and you won’t see it anywhere else,» added Chehaid.

Binance obtained a VARA license in March 2022. Exchanges OKX and Huobi also have permission to operate in the country.

In February 2023, Ras Al Khaimah’s government plans to to create a free zone for digital asset companies emerged.

In April, the local Securities and Commodities Authority began licensing crypto service providers.

Coinbase leadership named the UAE a potential strategic hub as part of the company’s overseas expansion.