Binance FZE director Alex Chehade highlights progressive regulatory frameworks in the UAE, Dubai and Bahrain as a catalyst for the local cryptocurrency industry's growth.
Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE’s general manager.
“What stands out in the Middle East is regulatory certainty and clarity. We have a virtual-asset-specific regulator here in Dubai, VARA. We have ADGM with its virtual asset framework, we have Bahrain’s central bank being accepting of cryptocurrencies.” “So you’re seeing events like GITEX and Future Blockchain Summit as well as global companies coming here because it’s easy to do business.”
“We’re an ecosystem enabler, we’re the biggest Web3 company in the world. You often see network effects with size and we’re seeing a healthy environment with big and small players.”
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