UAE is taking serious steps toward becoming the global hub for the crypto industry. Both Dubai and Abu Dhabi have issued a significant number of licenses for crypto exchanges. Big players like Binance, FTX, and Kraken have entered the area, and many services have accepted the crypto form of payment.
Financial markets have traditionally formed hubs around the world.
But the crypto industry, as a new financial tool, has yet to put its finger on a specific location.
So far, the big names like New York, London, and Singapore are in a crypto-crackdown mode.
This attitude toward the crypto industry has provided an opportunity for new names.
Both Abu Dhabi and Dubai have embraced such an opportunity.
The pair have issued more than 30 licenses and passed new laws for crypto exchanges recently.
Binance has moved many of its operations to UAE, and FTX and Kraken are heading the same way.
Many businesses have accepted crypto as a form of payment .
We should build new regulations around the crypto industry instead of pressuring the industry in old frameworks.
It seems that Dubai and Abu Dhabi have learned this lesson.