Crypto Exchange Bitex Opens Up Shop in Dubai
The UAE has joined the league of countries playing host to cryptocurrency exchange platforms, thanks to the launch of Bitex. The new Dubai based platform offers a means through which crypto tokens like Bitcoin Cash, Ethereum, Litecoin and Bitcoin Core can be traded and exchanged.
A recently released news report issued by the exchange, also included announcement of the launch of its cryptocurrency cash deposit service through its digital wallet.
Bitex UAE’s CEO, Monark Modi stated that,
“The new trade initiative would offer several options to make payment including debit and credit cards, as well as bank transfers. The statement further reads that the cash deposit service will allow customers to plan for a cash pick up so as to have some funds immediately deposited in their accounts, for the purpose of trading.”
The Bahrain News Portal, Trade Arabia, on November 22, quotes Monark as saying in another statement that:
“A new secure opportunity for a convenient trading platform has been introduced. This is just made possible by the recent changes in UAE regulation’’.
He maintained that government of the United Arab Emirate has actually showed a leadership style that’s progressive in nature, with its economic concept aptly known as Blockchain Strategy 2021.
According to Modi, this move has laid the foundation for digital assets to be more reachable in the Gulf region. To further buttress his claim, the CEO of Bitex UAE said that people residing in United Arab Emirates have been requesting for more avenues to securely trade on digital currencies of their choice.
This, he said, has been provided by the company, thus empowering individuals to make use of the global trading platform for the time being. This makes sense seeing as citizens are more comfortable with trading on a national or indigenous exchange.
Again, it was reported that carrying out trade through any company that is in the UAE lets its users to deposit its own national currency through an easy process, instead of exchanging it for a globally accepted currency.
In the month of June, the Regulator of Abu Dhabi Global Market, that is also the Financial Services Regulatory Authority, outlined a roadmap wherein they can regulate cryptocurrency assets as well as the various activities associated with them.
This program seeks to cater for any possible risks connected to crypto transactions. Examples of this include money laundering, financial gross misconduct, governance through the use of modern technology as well as consumer protection.
The defined standard has been seen as a practical demonstration which fittingly indicates that the United Arab Emirate has a continuous response towards Blockchain in the form of the acceptance and use of digital currency.
Bitex UAE said through Trade Arabia that it makes use of a multi identity of individuals or clients to store cryptocurrency on a virtual wallet and that the three main structures which requires security requires just two of it to gain access with funds.
The company mentioned on its LinkedIn page that
‘’The first system is actually kept safely by Bitex UAE while the second system is safely kept with Bitex UAE’s wallet partner and then the third is used for recovering’’.
It is however correct to state that the United Arab Emirate is being developed into being a center of attraction, for crypto trades and exchange. The initiative behind this technology is designed to place Dubai in a vantage position, as a front liner in the use of blockchain technology across the world.
Finally, the UAE has additionally unveiled its plans to begin its own country run cryptocurrency operations in 2020.