As reported by Cointelegraph: According to the General Manager of Binance's local operation in Dubai, Alex Chehade, the certainty and clarity of regulatory frameworks in the Middle East immensely contribute to drawing in major cryptocurrency exchanges and businesses to the region. The area, including the UAE, Dubai, and Bahrain, has offered a friendly environment for crypto startups and established players due to its regulatory openness.
Chehade argued that the Middle East, particularly Dubai with its Virtual Assets Regulatory Authority and Abu Dhabi with its Global Market framework, stands out by offering clear and specific compliance guidelines for virtual assets. Chehade also noted Bahrain's central bank's acceptance of cryptocurrencies. He further stated that many other jurisdictions struggle in this aspect due to lacking the necessary knowledge or capacity to regulate the burgeoning industry effectively.
With Binance now employing approximately 600 individuals in its Dubai operation, the company sees itself as a catalyst encouraging Web3 companies to establish a presence in the region. Fostering a "healthy environment with big and small players", the platform continues to operate as a regulated exchange in Dubai segregated from its other global operations.
Taking a similar stance, Akshay Chopra, Visa’s vice president, and head of innovation and design, lauded the region's forward-looking perspective on blockchain and crypto solutions. According to Chainalysis, the Middle East and North Africa (MENA) region has become the fastest-growing cryptocurrency market worldwide, with users receiving $566 billion in crypto transactions from July 2021 to June 2022.