- The first cryptocurrency exchange in the UAE has been opened
- It is as a result of a partnership between Zarooni Group and Crypto Bulls
- The UAE’s favorable laws towards blockchain technology have led to a boom in the industry
The UAE is getting its first cryptocurrency exchange soon, thanks to a partnership between Al Zarooni Group and Crypto Bulls who are teaming up to launch the Crypto bulls exchange.
Suhail Al Zarooni, Chairman, Al Zarooni Foundation, stated that this new development is a game-changer for Dubai and that the region has always been receptive to new ideas and innovations.
“This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs and investors are looking forward in crypto & blockchain industry.”
In recent times, Dubai has made news due to a number of payment platforms launching there as well as a special legal framework dedicated to blockchain technology.
With this new opening, it seems blockchain and cryptocurrency are here to stay.
The exchange is the product of a union between the Al Zarooni Foundation, Crypto Bulls and Gulf Coin Gold (GCG).
A Memorandum of Understating was signed by Al Zarooni and Shasha Gupta and Madhu, co-founders of Crypto Bulls Exchange.
Recently, the UAE unveiled UAE Blockchain Strategy 2021, a plan to ensure that 50% of government procedures are Blockchain-based by 2021 and new laws are already being rolled out to accommodate this.
The founders of the Crypto Bulls exchange have stated that they are confident of being able to secure investments from Asia with their new venture.
Looking to the Future
Cryptocurrency has seen an increase in use and this, in turn, has led to a healthy increase in cryptocurrency exchanges around the world.
One of the things that stands out about the opening of this exchange is the fact that the UAE government is creating an environment in which blockchain can thrive.
This is in sharp contrast to places such as India, whose governmental policies have made the climate so unfavorable for cryptocurrency that exchanges have been shutting down there and moving to other countries.
As much as individual use drives the blockchain industry, governmental support also plays a huge part in its success or failure in a given state.