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Binance

Binance Key Executive Sees UAE As Major Operational Hub For Web3

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Binance is looking to make the UAE its key operational hub to drive mainstream Web3 adoption, particularly in the Middle East. With crypto-friendly regulations, world-class infrastructure, and a forward-thinking government, the UAE ticks all the boxes for crypto businesses.

Binance Executive Highlights UAE as Strategic Location

The United Arab Emirates has become a hub for blockchain and cryptocurrency companies, and Binance wants in on the action. According to Binance Dubai general manager Alex Chehade, Binance is set up in the UAE market because the company has been given assurance to set up operations and build for the future, he told CoinTelegraph.

Related Reading: New Satoshi Nakamoto Documentary Probes Disappearance Of Bitcoin Creator

“Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They’re trying to diversify away from fossil fuels and they see [crypto] as a great driver for doing so,” said Chehade.

The UAE, especially Dubai, has actively courted blockchain and crypto businesses. This forward-thinking approach creates an ecosystem where crypto and blockchain companies can thrive. For this reason, Binance can network, find partners, and work together with other UAE-based crypto businesses.

The Future Is Bright for Crypto in the UAE

The United Arab Emirates (UAE) is one of the countries in the Middle East that is attempting to embrace the cryptocurrency business. This is in contrast to other countries in the Western part of the world where cryptocurrency companies are continually subjected to regulatory challenges. The country has already positioned itself as a global hub for blockchain innovation and adoption with new crypto regulations in the works and major industry players setting up shop.

Last year, a Virtual Asset Regulation Authority was set up in Dubai as part of plans to position Dubai and the UAE as regional and global destinations for the virtual assets sector. It has since released new guidelines for virtual asset service providers (VASPs) within the jurisdiction.

Last month, the UAE’s Securities and Commodities Authority began allowing crypto firms to apply for licenses. The central banks of Hong Kong and the United Arab Emirates have since announced plans to work together on creating a clear regulatory framework for digital assets.

Related Reading: 96.9% Of Bitcoin Short-Term Holders Now In Profit: Glassnode

Considering the current influx of young people moving to the UAE, Binance’s plans for the UAE show its commitment to accelerating the growth of Web3 on a global scale. In turn, the UAE stands to benefit from the jobs, innovation, and economic activity that come with the blockchain and crypto industries.

“There’s a clear framework for people and businesses to engage with, whereas you’re just not seeing as much of that elsewhere,” Chedade said.

Binance Coin (BNB) price chart from TradingView.com

BNB price recovers to $238 following slump | Source: BNBUSD on TradingView.com
Featured image from Unsplash, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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