A favorable regulatory framework in the UAE and Bahrain has enabled these countries to attract large crypto companies.
In an interview with Cointelegraph, Binance FZE CEO Alex Chehade emphasized the role of progressive regulation in this phenomenon.
Chehade pointed out that the Middle East stands out for its clear and certain regulatory environment, citing Dubai’s dedicated authority for virtual assets (VARA) and the operations of the central bank of Bahrain.
This creates an ideal environment for businesses to operate in the region.
In contrast to other jurisdictions, where regulators may not fully understand the complexities of the cryptocurrency landscape due to limited resources, the UAE and Bahrain have provided a stable and transparent regulatory framework for crypto companies.
This enables them to make long-term plans and operate with confidence. Chehade also highlighted the success of Binance FZE, which has been operating as a regulated exchange in Dubai for over a year.
The company is able to conduct custodial storage and trading operations on behalf of clients independently, thanks to the favorable regulatory landscape.
