United Arab Emirates seems to be becoming the next big focus for the renowned crypto platform Binance after facing some enforcement actions against the exchange in United States. General Manager for Binance in Dubai, Alex Chehade speaking to Cointelegraph said that United Arab Emirates is a top location for crypto businesses looking for a clear way forward and noted the friendly attitude towards the digital assets.
According to Alex Chehade,
Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They’re trying to diversify away from fossil fuels and they see [crypto] as a great driver for doing so.
The crypto regulations in United Arab Emirates are something that makes the region attractive to exchanges like Binance, which is going under some legal disputes from the regulators in the United States.
Chehade noted that the key driving force behind the surging crypto activities in the region is United Arab Emirate's Virtual Assets Regulatory Authority (VARA).
If the framework is clear for people and businesses then you might get a good response as businesses and people want clarity and safety of their funds.
The recent statistics issued by World of Statistics on Twitter, showing the UAE ranking 1st in crypto owners, globally, in % of population is probably the response.
Seeing a clear crypto framework in the region, United Arab Emirates may face an influx of people (specially the young people) moving to the region who somehow are involved in crypto.
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