A new cryptocurrency is coming to Dubai and it will be the first officially registered one in the country.
Dubai to Get a New Crypto Exchange
According to local media Al Zarooni Group and Crypto Bulls have joined together to launch the Crypto Bulls Exchange which is slated to be one of the biggest game changers for Dubai in the financial world.
Chairman of the Al Zarooni Foundation, Suhail Al Zaroon, stated;
“This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs and investors are looking forward in Crypto & Block chain Industry.”
The joint venture is the result of collaboration between the Foundation, Crypto Bulls and Gulf Coin Gold (GCG). CEO and Founder of Crypto Bulls Exchange, Shasha Gupta, said that the industry is continuing to grow in the region and that the exchange has gained over 200,000 traders in the past six months. The exchange will be offering fiat trading pairs in the local currency, Arab Emirate Dirham (AED), though no details on specific pairs were available at the time of press.
Gupta added that “with this unique support from UAE government, Crypto Bulls would be able to attract a huge number of foreign investments in crypto from Asia & Middle East.”
The United Arab Emirates has joined the ranks of Malta, Singapore and South Korea with ambitions to be one of the world’s top destinations for crypto and blockchain industries. It has launched the UAE blockchain strategy which aims to have all 50% of all government transactions handled by the blockchain by 2021.
To turn this vision into reality digital assets must be included in the equation and recent regulations on cryptocurrencies have been issued. A government backed digital currency called Emcash is also in the pipeline. As Dubai opens its doors to crypto, big fintech companies will be attracted to the country.
Ripple to Open Dubai Office
Ripple has been one of the first with its announcement that it will be opening an office in Dubai before the end of the year. Ripple’s global infrastructure innovation head, Dilip Rao, spoke at the Global Islamic Economic Summit last week stating that the firm had already partnered with several financial institutions in the region. He added that “We now have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE and it really is our fastest growing marketplace,”
The decision to open an office in Dubai is no surprise as the region is becoming a powerhouse for blockchain and crypto industries.
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Author: Martin Young