Major cryptocurrency exchanges and businesses are flocking to the Persian Gulf region, attracted by the progressive regulatory frameworks in countries such as Dubai, according to Alex Chehade, the general manager of Binance FZE. Chehade highlights the regulatory certainty and clarity in the Middle East, with Dubai having a virtual-asset-specific regulator and the acceptance of cryptocurrencies by Bahrain’s central bank. He believes that regulators in other jurisdictions have not fully understood the cryptocurrency landscape or lack the capacity to regulate the sector effectively. The region’s regulatory parameters provide businesses with the certainty they need to make long-term plans. Binance FZE, as the largest Web3 company in the world, is playing a role in fostering the industry and enabling the establishment of Web3 companies and startups in the region. Chehade notes that Binance FZE has been operating as a regulated exchange in Dubai for a year and a half, with segregated custody and operations. The region’s progressive regulatory outlook is also highlighted by Akshay Chopra, Visa’s vice president, and head of innovation and design, who emphasizes the inclusive perspective of regulators in working with the blockchain community. The MENA region is experiencing rapid growth in the cryptocurrency market, with transaction volume indicating that users received $566 billion in crypto between July 2021 and June 2022.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 🇧🇠|
| Sentiment | positive |
| Relevance Score | 1 |
| People | Ezra Reguerra, Alex Chehade, Akshay Chopra |
| Companies | Bahrain’s central bank, MENA Fintech Association, Binance FZE, Web3 companies, ADGM, Visa, Chainalysis, VARA, Blockchain Economy Dubai Summit |
| Currencies | None |
| Securities | None |
