Crypto exchange Bittrex Global predicts Dubai and UAE to dominate Middle East’s growing digital assets market
As the friendliest jurisdictions for crypto where local regulators are receptive to blockchain-related technologies, he added that the United Arab Emirates (UAE) and Dubai would likely benefit from the expected expansion of Middle East's cryptocurrency ma
Tue, 31 Aug 2021, 15:03 pm UTC
Crypto exchange Bittrex Global predicts that the crypto market will continue to grow in the Middle East. Dubai and the United Arab Emirates as a whole will greatly benefit from the expansion of the digital assets market in the region.
Stephen Stonberg, CEO of Bittrex Global crypto exchange sees a rapid expansion of the crypto market in the Middle East region, according to Cointelegraph. As the friendliest jurisdictions for crypto where local regulators are receptive to blockchain-related technologies, he added that the United Arab Emirates (UAE) and Dubai would likely benefit from this expansion.
In an interview with Bloomberg on Sunday, Stonberg said that Dubai and the UAE are “doing all the right things and they’re going to attract a lot of regional projects.” With their status as tax havens, these jurisdictions are great places to “set up your token project, or run a cryptocurrency exchange.”
One of the largest crypto trading platforms in the U.S., Bittrex Global expects to reel in more clients from the region along with the digital currency market’s expansion. “I think Dubai is going to do fantastically well," Stonberg said.
A recent study revealed that the UAE has become one of the fastest-growing corporate tax havens, according to Aljazeera. The Middle Eastern country has become a magnet for the ultra-rich with more than $200 billion going into the country.
UAE was included in the top-10 ranking of the Corporate Tax Haven Index 2021 published by the Tax Justice Network. The ranking is based on a country’s ability to attract corporate wealth as a means of reducing tax payments. According to the report, the UAE joined the top 10 after multinational companies transferred over $218 billion of foreign direct investments to the country.
The top three spots belong to United Kingdom’s offshore territories the British Virgin Islands, the Cayman Islands, and Bermuda followed by the Netherlands. Bermuda and Switzerland are likewise included in the top 10.
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