Many prominent cryptocurrency exchanges and companies are being attracted to a promising hub for crypto activities in the Persian Gulf region.
According to Alex Chehade, the general manager of Binance FZE in Dubai, the area’s forward-thinking regulations are a significant incentive for both new startups and established businesses in the cryptocurrency industry.
Alex Chehade added, “What stands out in the Middle East is regulatory certainty and clarity. We have a virtual-asset-specific regulator here in Dubai: VARA [Virtual Assets Regulatory Authority]. We have ADGM [Abu Dhabi Global Market] with its virtual asset framework, [and] we have Bahrain’s central bank being accepting cryptocurrencies.”
Chehade thinks that regulatory authorities in different regions haven’t fully understood or invested the necessary effort to comprehend the complexities of the cryptocurrency industry. Alternatively, they may lack the capacity to initiate effective regulation in this sector.
The general manager of Binance FZE emphasizes that businesses require a clear and stable environment to make long-term plans. The regulatory rules in these particular regions are helping to provide that necessary stability.
Chehade emphasized Binance’s role in helping Web3 companies and startups establish themselves in the region. He described Binance as a key player that supports and enables the growth of the Web3 ecosystem and highlighted its status as the largest Web3 company globally. The company’s large size has led to positive effects for both major and smaller players in the industry.
Chehade also mentioned that Binance’s Dubai-based operation currently employs approximately 600 people and is committed to contributing to the industry’s development.
He pointed out that Binance FZE has been operating as a regulated exchange in Dubai for the past year and a half, and it operates independently from the rest of Binance’s global activities, with its dedicated resources for safeguarding assets and conducting operations.
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