The United Arab Emirates will get its first officially registered exchange with the launch of “Crypto Bulls Exchange” soon. In a press release today, the exchange announced it will be developed through Crypto Bulls, Gold Gulf Coin (GGC), and the Al Zarooni Foundation. Crypto Bulls, an existing exchange, will now be able to serve the upscale markets available in the UAE. This move has been welcomed by the government in the UAE as it works towards securing its place as a blockchain thought leader and headquarters of the world. Chairman of the Al Zarooni Foundation, Suhail Al Zaroon, stated, “This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs and investors are looking forward in Crypto & Block chain Industry.” This underlies the overall priority the UAE nation has to cater to the emerging cryptocurrency sector.
BitOasis, became the first bitcoin exchange to open in the Emirates back in 2015. The firm was able to secure banking relations with local partners to deposit dirhams (AED) safely into a business bank account. Further, BitOasis took this a step further as it secured a local payment processor which has been able to process AED transactions for customers to purchase bitcoin in the UAE.
UAE Aims to be Cryptocurrency Headquarters
The UAE continues to work towards becoming an appealing market for crypto companies. The nation believes this new technology will be the future. Thus, they want to nurture the new technology with proper regulations and strategic partnerships with businesses. The country launched an initiative called “Emirates Blockchain Strategy 2021” as a move to promote and capitalize on the emerging technology. The government also set an exciting benchmark with this initiative to have at least 50% of all government transactions on the blockchain by 2021.
Finally, with the creation of the first regulated exchange in the country, citizens will soon be able to actively trade the UAE’s state currency known as the AED. This is mostly credited to the state-backing of the Crypto Bulls exchange. It also ties nicely into an exciting initiative from the UAE government known as Emcash, a state-backed digital cash system. The EmCash program will become the first state-backed digital currency and further propel the UAE as a thought leader in the emerging technology sector of cryptocurrency. State Approved Exchange