The Middle East has seen a recent influx of crypto-based companies in recent times. In light of this, a crypto exchange, Bitex has officially opened shop in the United Arab Emirates’ (UAE).
Bitex to Trade top Cryptos
According to the press release submitted by Bitex, traders will have the opportunity of trading four top-ranking cryptos— Bitcoin, Bitcoin cash, Ethereum and Litecoin. Eventually, more digital assets are expected to get added to the platform.
Bitex also made it known that it has launched a cryptocurrency wallet that “offers an additional cash deposit service.”
According to the CEO of the exchange, Bitex UAE will integrate several payments options such as FIAT bank transfer and credit or debit cards. He also stressed that all money deposited in on the exchange will be available for trading in less than 24hours.
He said that:
“Recent changes in UAE regulation have made today the perfect time to seize the opportunity to introduce a new, secure, professional trading platform,”
He also added that:
“ UAE government has demonstrated progressive leadership with its Blockchain Strategy 2021, which has “laid the groundwork for digital assets becoming more accessible” in the Gulf state. As result of this, UAE residents have been calling out for more options to securely buy and sell digital currencies, while residents have been able to use international trading platforms for some time, having access to a local exchange is far more convenient. Trading via a UAE-based company allows customers to easily deposit local currency rather than first having to exchange it for a more widely-accepted currency.”
New Legal Framework for UAE
In June 2018, a legal framework targeted at regulating the crypto industry of the UAE was released by the Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Market.
The function of the framework is to help prevent the growth of fraudulent crypto businesses in the ecosystem. With the release of the framework, several crypto businesses are shifting their attention towards the UAE.