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Binance opened its first MENA headquarters in Dubai and Bahrain, paving the way for the city to become a global crypto powerhouse

CJ - Cryptocurrency Enthusiast

  • Dubai has been a popular place for crypto-service providers thanks to its top-down approach to legislation development: Official from Citibank
  • From June 2022, Binance started operating out of its Dubai headquarters

Dubai is preparing to host the first MENA headquarters of Binance, the world's largest cryptocurrency exchange platform, following the recent introduction of the 'Dubai Metaverse Strategy,' which focuses on advancements in the digital economy and harness potential inside the metaverse.

In this region, about 54% of people believe that cryptocurrencies should be used as money rather than as an investment asset, according to a recent Checkout.com survey. This ratio is 11% higher than the 43 percent in the United States and 9% higher than the 45 percent average for the world.

In a recent interview, Citi Bank's Global Head of Banking, FinTech, and Digital Assets, Ronit Ghose, said that a top-down approach to formulating crypto policies is helping Dubai emerge as a go-to destination for businesses looking to set up shop in the emirate, pointing to the possibility of Dubai becoming the global crypto hub.

Famous companies and sizable corporations are concentrating on the "Gulf Tiger" for their cryptocurrency initiatives due to its lenient regulations for crypto and Bitcoin trading operations. Dubai is constantly revising its laws and ordinances to improve opportunities for cryptocurrency service providers and to draw in more business. By starting the Crypto Credibility Campaign for students, establishing the Dubai Virtual Assets Regulatory Authority's MetaHQ, and being the first regulatory body to enter the Web 3.0 development space, Dubai has made headlines for its innovations in the cryptosphere.

With the announcement that Binance would open its first MENA headquarters in Dubai, which has already received a Virtual Asset Licence allowing the company to offer crypto-based services in the city, numerous additional exchanges are likely to open shop in the area.

Binance's Regional Head of MENA, Richard Teng, spoke on how the regulators in Dubai regard supporting the growth of crypto-assets as critical to the development of web3 ecosystems. Binance will begin operations in its Dubai headquarters next month.

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