The United Arab Emirates (UAE) has clearly emerged as one of the world’s leading crypto hubs, thanks to its innovation-friendly regulations and its knack for luring fintech-savvy entrepreneurs.
That’s according to a Chainalysis report released Tuesday, which cites a combination of federal and municipal reforms as reasons for the UAE’s crypto boom.
The UAE Government’s “Free Economic Zones” Lure Innovators, Report Says
In the year leading up to June 2023, some $35 billion worth of crypto transactions flowed through the UAE.
Many fintech entrepreneurs and Bitcoin miners want to do business there. In June, the billionaire Winklevoss twins, founders of the Gemini exchange, signaled their interest in basing operations in the small nation. Bybit and Crypto.com have already opened UAE offices.
How did the UAE come to be so attractive to crypto enthusiasts? In the view of Chainalysis’s researchers, the UAE has been in forefront of crypto innovation for years. In 2016, the city of Dubai rolled out a detailed blockchain strategy.
Dubai’s authorities had a far-reaching vision for how crypto would remake the city. Their 16-page strategy stands out for its thoroughness. It addresses network formation, operating models, the intellectual property rights of blockchain users, smart contracts, data standards, and more.
The strategy anticipated the multilingual nature of firms and parties making use of Dubai as a hub for crypto deals. One of its provisions requires that a smart contract be convertible to Arabic or to English. Nothing will be lost in translation. The contract must be readable the same way in no matter what language.
Go to Source to See Full Article
Author: Michael Washburn
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
