In this modern age of technology and digitalization, a great step has been taken to digitize money all over the world. This initiative was taken in 2008 and Blockchain was introduced. Blockchain is a distributed ledger which keeps track of all Bitcoin transactions.
Over the last few years, it has gained much popularity among financial institutes and a worldwide race has begun to become the largest trader of Cryptocurrency. UAE, in this race, has increased its efforts to make the Middle East a Crypto trading hub by introducing local crypto exchanges.
CRYPTO EXCHANGES IN THE UAE:
BitOasis is the largest crypto exchange in the MENA region. It was established back in 2015, in the UAE, and became a pioneer of crypto trading in the region. Being a trustworthy trading platform, BitOasis is expanding its reach to the Arabic world while trading in various cryptocurrencies.
Moving further with the idea, Binance, a digital-assets firm, was also enlisted to aid in developing an IVAE (International Virtual Asset Ecosystem). Binance received its approval for a license-in-principle in Bahrain in December 2021, however, as of 23rd February, 2022, it is still not licensed as an exchange, according to CNN BUSINESS.
Another local crypto exchange by the name of CoinMama has gained a lot of popularity in the UAE. This exchange has stepped up the crypto game with yet another new feature which was previously not available; buying cryptocurrencies with visa / mastercard or via a bank transfer directly.
EFFORTS BY UAE:
As a first, the UAE is focused on attracting Crypto-focused businesses to become a leading crypto trader. Although the Emirates is already among the global leaders of crypto trading, having made an initial framework in 2018. According to Emmanuel Givanakis; “At that time, the industry was already talking about needing to come under a regulatory umbrella, and we came out with what we think is a fairly comprehensive framework.”
HOW THE EXCHANGES WORK:
There are a lot of crypto exchanges in UAE working to achieve a single goal; making UAE a hub of trading. Each exchange offers a wallet to keep the crypto coin, which is to make sure that your investment stays safe from theft or misuse. The traders can login to their wallet, make the trade in their respective crypto currency (buying or selling), withdraw their coin from wallet, make new deposits and even make online purchases using their crypto coins.
BitOasis, E Toro, Coin Mama, Binance, Alvexo and Capital.com are some of the major crypto exchanges in the UAE market. Each crypto exchange in UAE offers crypto trading services with its own pros and cons. For example; E Toro provides you with a user-friendly interface, copy trader feature, low minimum deposit, and a demo account.
But on the other hand, it supports USD as its base currency. Alvexo comes with a competitive fee structure and impressive research tools but has an unresponsive support team. Binance, being one of the top crypto exchanges in UAE offers its clients a mobile app and desktop version of the trading platform. It comes with a market competitive trading fee, high liquidity rate and fast transactions.
DWTC AND CRYPTO:
Dubai is also stepping up its game with setting up a specialized crypto zone in the DWTC (Dubai World Trade Center). With the rising regional economic competition, DWTC has put in more efforts to make the DWTC a Crypto hub, regulator for Cryptocurrencies and virtual assets. The authority has made further plans to design an ample ecosystem for the Fintech sector.
THE PANDEMIC EFFECT ON CRYPTO:
Investors have begun shifting to Cryptocurrencies and digitized money in the wake of the COVID-19 pandemic. Most of the investors started searching for alternate, homebound means of investing their spare money and here was a ready-made solution to trade cryptocurrencies from anywhere in the world. Almost fifty percent of the investors have shown great interest in crypto trading and have a sure plan to increase their crypto assets rapidly by the end of 2023.
DUBAI CRYPTO EXPO:
Dubai has rattled the scales of the crypto world by hosting the largest crypto event held in the Dubai Expo in October 2021 as reported by Khaleej Times. This event turned out to be a huge success with an attendance of more than 8000 visitors, delivering rich content in the conference by more than 80 crypto industry speakers and 64 crypto companies. This event has been showcased as the largest crypto gathering of the middle east region.
Furthermore, Dubai hosted, yet again, another crypto expo on 16th and 17th March 2022. More than 10,000 investors and traders and more than 100 crypto companies made this occasion another great success by being a part of this expo. This expo acted as a huge kickstart for new investors also who are now showing a keen interest in crypto trading as this expo turned out to be a powerhouse of crypto knowledge.
A multitude of speakers made a mark in the conference. “The guests included Doren Foundation CEO Deokwon Lee, Piccolo Inu CEO and co-founder Sofya Monse, Niros X CEO Neko Sparks, Limoverse founder Sajeev Nair, Lyopay COO Mohammed Arif Ansari, DeepBlue Game Chief Public Relations Munire Nermin Dagtas, and B2Broker CEO Arthur Azizov with the company’s Chief Product Officer Ivan Navodniy.” The visitors even got a chance to meet these esteemed personnel face to face and benefit from their knowledge of crypto.
THE FUTURE OF CRYPTO CURRENCY:
The bottom line is that with all the efforts made by the UAE with getting a framework, enlisting the exchanges, having regular crypto expos and attracting more investors would definitely result in making it the hub of crypto trading in the near future.
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