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UAE looks to attract Asian firms to bolster crypto credentials

Dubai, a financial center with a vibrant nightlife and tourism scene, is vying with Singapore, Switzerland and other regions to become a global crypto hub (Photo: Reuters)Premium
Dubai, a financial center with a vibrant nightlife and tourism scene, is vying with Singapore, Switzerland and other regions to become a global crypto hub (Photo: Reuters)

The government is in talks with ‘several’ firms eyeing a base in the UAE given tougher regulations elsewhere and given the country’s resilience through the pandemic, minister of state for entrepreneurship and SMEs Ahmad Belhoul Al Falasi said

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The United Arab Emirates is in talks with Asian firms who want to relocate to the Gulf nation, as part of efforts to transform itself into a hub for cryptocurrencies.

“We’ve seen multinational firms right now waiting to relocate out of east Asia," Ahmad Belhoul Al Falasi, minister of state for entrepreneurship and SMEs, said in an interview with Bloomberg TV. The government is in talks with “several" firms eyeing a base in the UAE given tougher regulations elsewhere and given the country’s resilience through the pandemic, he said.

Binance Holdings Ltd. has held discussions with regulators in the UAE about a potential headquarters in the Gulf nation, Bloomberg reported last week. “Stay tuned," Al Falasi said, when asked about Binance’s plans. 

The oil-rich country has intensified its push to bolster the use of blockchain in recent years. Dubai, a financial center with a vibrant nightlife and tourism scene, is vying with Singapore, Switzerland and other regions to become a global crypto hub. On Monday, the government said the Dubai World Trade Centre will become a comprehensive zone and regulator for virtual assets and cryptocurrencies.

“Cryptocurrency is here to stay, we’ve seen an increase in uptake," Al Falasi said. “As long as you are following right regulation, there is no harm in adopting such technology or putting the regulation in place."

 

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