The UAE, Dubai and Bahrain continue to attract major cryptocurrency exchanges and businesses due to their progressive regulatory approaches.
“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 of cryptocurrencies.”
“Regulators are actually looking forward and working with the local blockchain community, institutions, startups, entrepreneurs to come up with a very inclusive perspective on what is the future and how can we be best positioned both as a market and as a regulator.”
Research from blockchain analysis firm Chainalysis indicates that the Middle East and North Africa (MENA) region is the fastest-growing cryptocurrency market in the world. Transaction volume in the region reveals users received $566 billion in crypto between July 2021 and June 2022.
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