UAE Dubai-Based Bitex Crypto exchange Launches New Blockchain Asset Trading Platform

The Middle East, sadly, doesn't usually end up on news for anything technology related. Thus it is refreshing to note that the United Arab Emirates(UAE) has been silently making inroads into the cryosphere. In their latest effort, the government has been working on promoting regulations that have piqued the interest of many. Therefore, it was heartening to note that Bitex recently became the latest crypto exchange to officially launch in the UAE

It has been announced that the exchange, based off Dubai, will start off by only supporting the major cryptos, that is, Bitcoin, Bitcoin cash, Ethereum and Litecoin. In addition to this, Bitex has also noted that they will be launching a cryptocurrency wallet with an additional cash deposit service.

Governments Regulatory Interest Is The Driving Force

Speaking at a recent media gathering, the Chief Executive Officer(CEO) of Bitex UAE, Monark Modi, discussed the aims and ambitions of his company. He noted that the exchange will be well positioned to provide multiple payment options such as bank transfer as well as credit and debit cards. “Recent changes in UAE regulation have made today the perfect time to seize the opportunity to introduce a new, secure, professional trading platform,” he happily noted. He also went on to commend the efforts of the UAE government to focus and demonstrate a decidedly progressive leadership. The Gulf nation has recently formulated what it calls its Blockchain Strategy 2021, which many commentators felt had effectively “laid the groundwork for digital assets becoming more accessible” to the general populace.

The excited CEO has also noted that the additional cash deposit service that the exchange will allow, will let users pick up cash by scheduling the request and those funds will be made available immediately. While the money will be deposited straight away into the accounts, they will be available to trade only after a day. Monark focussed on the government's efforts for affording its citizenry”more options to securely buy and sell digital currencies. ”

He then went on to explain why this launch was a positive step for both Bitex and UAE. Even though users are able to access and use any international trading platform, the head honcho from Bitex feels a local exchange will undoubtedly be a more convenient option. “Trading via a UAE-based company allows customers to easily deposit local currency rather than first having to exchange it for a more widely-accepted currency,” he noted.

It has been reported that Bitex UAE has a multi-signature HD wallet to store its cryptocurrency. This three-key system, the company says is to provide better. To access funds a person needs at least two out of the three keys. The company states “The first key is securely stored by Bitex UAE, the second is stored with Bitex UAE’s wallet partner and the third is a recovery key.”

New Centre For A New Industry

This news follows less than 6 months after the regulatory body of Abu Dhabi Global Market, the Financial Services Regulatory Authority (FSRA), announced a regulatory framework for crypto assets and associated activities. These guidelines looked towards closing loops and addressing risks associated with cryptocurrency transactions. They were generally lauded for being able to fairly addresses the potential pitfalls in matters of financial crime, consumer protection and technology governance.

These government initiatives are driving the narrative in the right direction. It has also clearly signaled the UAE’s progressive attitude towards blockchain. One can only hope that the next logical step will be the large-scale use and adoption of the virtual currency. The oil-rich nation has also embarked on an ambitious project to operate its own cryptocurrency by the end of this decade. This is, in fact, the crux of the plan; the Blockchain Strategy “aims to position Dubai as a leader in this global technology.”

Regardless of grander government plans, it is good to note exchanges are spreading across to give people more options.

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