Binance sees UAE as promising hub for its business
Binance sees UAE as promising hub for its business
Crypto exchange Binance sees the UAE as an important destination for its business, as the country offers a friendly climate for the development of the crypto industry.
"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," Binance Dubai Regional Manager Alex Chehade told Cointelegraph in the interview.
"Clear cryptocurrency regulations in the UAE make the region attractive," he added.
Also, Chehade believes that the large number of young people in the country contributes to an easier and faster adoption of digital assets in the jurisdiction.
Binance's Twitter statistics show that the UAE ranks first in the world in terms of the percentage of citizens who own cryptocurrencies.
Loading...
Many leading experts believe that the UAE Virtual Asset Regulatory Authority (VARA) regulations, which outline the rules for virtual asset service providers operating in Dubai, are clear and conducive to the development of the country's cryptocurrency market.
"As the world's first regulatory authority dedicated to virtual assets, VARA provides very detailed compliance guidelines for companies operating in this sector," said Mriganka Pattnaik, CEO of Merkle Science.
