The richest middle east countries are Dubai and UAE and Abu Dhabi deals in power generation resources and hub of every foreign currency. They are the focus countries in every mind of celebrity, social influencer, or businessman. In near future, they become the ideal place for digital currencies also.
As discussed earlier they become the hub for cryptocurrencies also in near future. Because middle east countries make the soft term and conditions for the cryptocurrencies. Meanwhile, the cryptocurrency authorities agree to open their regional office in these countries. The majority community of the Middle Eastern countries is interested in cryptocurrency. They are eager to buy cryptocurrency stocks from the crypto exchange.
Pakistani newspaper, news international disclosed that 25% of a millionaire in Asia has already invested in Dubai cryptocurrency. A lot of international brands are accepting cryptocurrency in Dubai. Like luxury real estate company Damac in Dubai announce to acceptance of bitcoins and Ethereum as payment methods at their front desk. Meanwhile, daily grocery items stores Yallamarket also announce to accept the crypto for payments.
The sheik Muhammad bin Rashid al Maktoum of Dubai announce the virtual assets law and establish a virtual assets regulatory authority, which means that cryptocurrency is getting legal in Dubai. Well-organized and reputed competent authorities warm welcome this step by the Dubai ministry of finance.
Vara (Virtual assets regulatory authority) review the application of crypto authorities and grant them a license to work in Dubai and in this regard they have to establish their office in Dubai. The Dubai business and finance trader center promotes this crypto throughout the world and gave awareness to the tourist who came to visit Dubai. In fact, Dubai is the tourists’ favorite place to visit. Millions of tourists came to visit and shop in Dubai every year.
There are factors for which Dubai is the favorite place for cryptocurrency holders.
Digital currencies love Dubai
The Dubai government is taking a keen interest in cryptocurrencies. They gave permission to crypto authorities to take a license and open their legal office in Dubai to facilitate their residence and tourists. Cryptocurrencies taking the advantage of the opportunity which is granted by the Dubai government to them. Dubai International, as well as local brands, are accepting crypto without any hardness. They encourage their customers to make payments in bitcoin and altcoins.
Cryptocurrency stock exchanges
Crypto exchanges are also taking this opportunity for granted and placing their regional head office in Dubai. There are multiple cryptocurrency exchange that are working for crypto like kucoin. Kucoin is a well-known brand in the pipeline of cryptocurrency exchanges. They have listed all the popular altcoins as well as bitcoin crypto on their dashboard. Kucoin also share tips and tricks on a daily basis with their users to make their trade more professional. A lot of users are registered on kucoin from the Dubai region and make trades on regular basis.
Crypto steps in UAE
UAE is deeply investigating crypto and wants to step into the online currency market. UAE has long-term plans for crypto to establish a well-designed blockchain system to make their total economy online and shift it to the blockchain. At this stage, every single individual in UAE can make a transaction on daily basis in crypto which suits their lifestyle. A study shows that around about 3 billion per year be saved in terms of paperwork after adopting the blockchain system. At this stage, the circumstances are not as smooth as it looks. There is still a need to do much homework to legalize the crypto economy and implement it completely throughout their countries in near future.
Conclusively, the above points show that the crypto and middle east countries love each other. They are very excited to adopt new technology and become the pioneer in the world who adopt and legalize crypto in their country. Moreover, Thousands of millionaires and billionaires of Dubai, UAE, and Abu Dhabi are holding a major part of crypto stocks. Experts and professionals predict that the Middle Eastern countries be the gold mine for cryptocurrency as well as its projects. On the other hand, the other countries are looking to cease the circulation of crypto. While Dubai and UAE actions are vice versa.