Walking ahead of every country, Dubai indeed was not trailing behind in the world of rising cryptocurrency. Dubai aspires to be the world’s next crypto capital. It’s hardly unexpected, given that it’s become a centre for technical advancements and everything else. To encourage cryptocurrency, the city recently approved legislation and established a regulating agency. Bybit, a cryptocurrency exchange, confirmed on Monday about moving its headquarters from Singapore to Dubai.
Dubai Aims To Be The World’s Crypto Capital
Dubai has been fostering the expansion of the crypto industry by building a regulatory framework to lure crypto enterprises and expertise to the city as regional economic rivalry heats up.
Sheikh Mohammed Bin Rashid, the ruler of Dubai, said earlier this month that the emirate passed its first law governing virtual assets. It established an independent regulator to oversee the cryptocurrency business.
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The Dubai Virtual Asset Regulation Law was set in order to promote Dubai and the UAE as regional and worldwide crypto market destinations. VARA, a regulatory agency, holds the supervisory authority. The regulation, licencing, and governance of the virtual asset business environment would fall under it. It’s crucial to test every factor before announcing Dubai to be the crypto capital of the world.
Rich Oligarchs Are Rolling In Dubai
Dubai must create a business-friendly climate with rigorous rules to recruit, retain, and support high-growth firms in order to stay on top in this extremely quick market. The two cryptocurrency exchanges are the newest additions to a growing list of crypto-related businesses expanding their operations in Dubai. This Emirate has been courting cryptocurrency exchanges as regulations in other countries remain hostile or unclear. Instead, Dubai has opened its doors to affluent Russian investors. Given the war-torn circumstances, western countries have imposed an embargo on them. Basically, Dubai is doing everything in its power to crawl the spot of becoming the Crypto Capital of the world.
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