Why UAE is Emerging as Crypto Epicenter

Finance

By Aahil

October 26, 2022

The United Arab Emirates is making a lot of effort to become a cryptocurrency hub.

Dubai and Abu Dhabi, two tech hubs, are embracing cryptocurrency by enacting new laws to support cryptocurrency exchanges.

Since its availability in the UAE in 2014, Bitcoin, a prominent cryptocurrency with a market cap of $41.1 trillion, has grown in popularity.

The Securities and Commodities Authority keeps an eye on Bitcoin regulation and activity in the United Arab Emirates.

While there are no restrictions on buying, selling, or holding Bitcoin in the USA, Dubai does not regard it as legal tender.

Many people in Dubai are investing in Bitcoin despite the UAE government's advice against doing so.

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