Crypto exchange Bitex UAE has set up shop in the United Arab Emirates after the country vowed to introduce clear and comprehensive regulations next year.
The United Arab Emirates (UAE) is showing that they are a force to be reckoned with when it comes to cryptocurrencies. Last month saw the country announce that they will be introducing a comprehensive regulatory framework next year. This is exactly what those in the industry are always looking for – a clear set of regulations for them to follow.
This is especially true for cryptocurrency exchanges as we’ve seen with platforms like Zebpay and Binance who have both found homes on the industry-friendly island of Malta. Now, according to Trade Arabia, it appears as if the UAE’s positive stance on crypto and blockchain has also attracted an exchange.
Bitex Arrives in the UAE
Bitex UAE launched their services in the country earlier this week. The exchange will be offering their clients a crypto wallet and a trading space. It is compatible with multiple cryptocurrencies, including Bitcoin and Ethereum. In addition, clients will be able to transfer fiat currency through a bank transfer or via debit or credit card.
The country’s recent industry-related announcements have definitely been a deciding factor for the exchange’s CEO, Monark Modi. He explained:
… recent changes in UAE regulation have made today the perfect time to seize the opportunity to introduce a new, secure, professional trading platform. I believe the launch of the UAE Blockchain Strategy 2021 by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council, has laid the groundwork for digital assets becoming more accessible in the UAE.
Modi also elaborated on the importance of having a local exchange in the country, saying:
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.
Focus on Security
Bitex UAE is also placing a strong emphasis on security with its wallet implementing a three-key system. One key will be held with the exchange itself, the second with its wallet partner, and the third will be a recovery key. Modi added:
Security in general and protecting customers’ digital currencies is the top priority. Rather than a standard two-key security system, Bitex UAE offers a three-key system to ensure customers have complete access to their funds while being safe in the knowledge their assets are completely secure.
In addition, the platform has plans to expand to the rest of the Gulf Cooperation Council (GCC) countries which include Kuwait and Saudi Arabia, the latter of which has plans to launch its own digital currency next year.
Do you think that the UAE will be giving Malta a run for its money when it comes to attracting exchanges? Let us know in the comments below!
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