Bit Oasis – one of the Middle East’s largest cryptocurrency trading companies – has partnered with a firm known as the MBC Group, a major broadcasting company in that corner of the globe, as a means of creating ads and awareness programs to potentially boost cryptocurrency regulation and adoption throughout the region.
Bit Oasis Works to Boost Crypto Adoption
Bit Oasis will now see several new education programs designed by its staffers broadcasted on channels in Dubai. Ola Doudin – chief executive and co-founder of Bit Oasis – explained in an interview:
In countries like the UAE and Saudi Arabia, crypto assets are steadily going mainstream due to early adoption by tech-savvy millennial and Gen Z retail investors, but a massive majority across the region still do not have a good understanding of this emerging asset class. We are ramping up efforts to ensure consumers are aware and educated about investing in crypto across our region whilst offering the simplest and most accessible way to invest.
Dubai – which is situated in the United Arab Emirates (UAE) – has seen a huge boom in crypto-related interest over the past several months. YouGov recently reported that about two thirds of the residents there are looking to potentially invest in digital currency within the next five years, while about one in every five traders said they are looking to trade crypto within the next 12 months. This puts UAE third in terms of crypto interest behind nations like Indonesia and India.
In addition, roughly one third of all UAE residents say they have invested in digital currencies. This is considerably higher than the global average, which presently sits at around 30 percent.
Not long ago, Dubai adopted the Virtual Asset Regulation Law, which is allegedly one of the first real staples of crypto regulation to exist on a global scale. The law sees to it that all digital currencies within the country are fully overseen by financial agencies. The move is designed to ensure that all investors stay protected and adhere to specific standards when trading cryptocurrencies.
Fadel Zahreddine – group director of emerging media at MBC Group – explained that crypto adoption in the area is growing at a speed faster than anyone could have possibly anticipated. He said:
We’re witnessing the fast speed at which our region is embracing and adopting the blockchain and web3 technologies. Seeing as how crypto currencies are essential to this ecosystem, we see this partnership as a natural progression as we usher in this new era.
Is Crypto Coming Back?
The partnership is likely coming to fruition at a solid time when bitcoin and several other digital currency assets are making a potential return to greatness.
After several hardcore slumps over the past few weeks, bitcoin is now spiking to about $31,500 – a huge leap from the mid-$20,000 range it was “enjoying” not too long ago.