The Middle East area is making huge progress in digital assets with a slew of new legislative measures, and crypto has gone mainstream in a very short period of time. Crypto is gaining popularity across a wide range of industries, from luxury fashion to tourism and art, signaling that these new forms of digital currency are here to stay. This space will continue to attract the attention of crypto enthusiasts as it grows in size.
Recognizing that these digital assets would only increase in value in the future, the area is taking the appropriate steps by enacting new regulations. FTX, a worldwide crypto exchange, has also been granted an official license to operate in Dubai. This was quickly followed by the issuance of an operating license to Binance, one of the world’s major cryptocurrency exchanges, which has also established a presence in the emirate.
This series of actions follows Dubai’s announcement that the DMCC Crypto Center will open in June 2021. This was created to serve as a comprehensive ecosystem for companies involved in the cryptographic and blockchain industries.
CV Labs, the company driving the Swiss government-backed Crypto Valley, is anticipated to lead a leading crypto advising practice at the center. Crypto giants such as cardano and ethereum have come from the valley in the past.