Alex Chehade, the regional manager of Binance, has shared in an interview with Cointelegraph that the UAE is viewed as a “key point” for the company’s business.
Chehade believes that the Emirates is the prime destination for burgeoning cryptocurrency industry due to the encouraging regulatory environment.
Supporting this view, he noted that the UAE Virtual Assets Regulatory Authority (VARA) is the main driver that is drawing attention to new technologies in the region.
Furthermore, the influx of young investors keen to adopt digital assets is thought to be conducive to the growth of cryptocurrency adoption.
While Binance received its VARA license in March 2022, OKX and Huobi are other exchanges authorized to conduct business in the UAE.
In the past year, the UAE has witnessed a surge in activity that could develop the crypto industry.
For instance, the government of Ras Al Khaimah announced its objective to create a free zone for digital asset companies in February 2023.
