Buzz Update Dubai is taking a big boost in the crypto business, boosting the game TOU

Buzz Update Dubai is taking a big boost in the crypto business, boosting the game

 TOU

Dubai is taking a big boost in the crypto business, boosting the game

Sat, 2022-04-16 23:50

Dubai: Mina Regional Head Richard Teng told Arab News that Binance Holdings, the largest crypto exchange by trading volume, will offer its products to top companies and recognized investors in the first phase of its operations in Dubai.

“We want to become a platform that builds tools to bring faster crypto adoption and improve money freedom in the region,” Teng said, but the company plans to serve larger clients by offering more products.

Opportunities look bright with the crypto exchange receiving the official license from the Virtual Asset Regulatory Authority of Dubai last week. The company can now operate and expand in this area on Emirates’ ‘test-adapt-scale’ model for digital asset markets.

Richard Teng (Supplied)

“This is a very innovative approach from the Dubai government. It recognizes that cryptocurrencies are very different from digital tokens and goods and proposes a unique framework that can serve different parts of the value chain, manage risks and support innovations, ”he added.

Teng’s radiant faith did not depend on his firm optimism. He spent 20 years in the regulatory space and had a good understanding of the area. He was CEO of the Abu Dhabi Global Market for six years before taking over as regional head of one of the largest crypto platforms in the world.

“By working with the Dubai government you will realize how much the country supports innovation, crypto adoption and blockchain development, which will help as these factors become pillars for many sectors of the economy in the future,” Teng said.

FasterFact

Binance incorporates a crypto-friendly ecosystem that works transparently and securely.

Last December, the company signed a partnership agreement with the Dubai World Trade Center Authority.

It is also recruiting 100 locations in the UAE to maintain momentum in the region.

Cryptocurrencies have been in the news recently for their unprecedented role in the Russia-Ukraine war. The Ukrainian government has raised millions of dollars to fund its fight against the invasion and focused on tokens. As long as you have internet and computing device, you can make transactions.

“Cryptocurrencies are the future of finance and financial services. They play an important role in making payments across borders, ”Teng said, adding that this is currently a significant challenge because the fees for making payments across borders are so high.

However, Binance incorporates a crypto-friendly ecosystem that works transparently and securely. Last December, the company signed a partnership agreement with the Dubai World Trade Center Authority to assist in setting up and controlling the international virtual asset ecosystem, an excellent context for public-private partnerships in the digital space. It is also recruiting 100 locations in the UAE to maintain momentum in the region.

“We are working with companies to ensure that the next generation is ready for crypto, blockchain and tokenomics,” he said. The company will soon introduce training programs in the markets and on how to do business responsibly.

Also, as part of an effort to build trust in the currency, Binance runs an emergency insurance fund to protect consumers, known as the Safe Property Fund for Consumers or SAFU. Launched in 2018, the fund now stands at over $ 1 billion. If a customer loses due to illegal activities such as hacking, the company will compensate for the loss.

However, there is a lot of skepticism among potential investors about the economically decentralized world and its high volatility. It is a matter of time before mature businesses and countries adopt the inherent strengths of cryptocurrency and take advantage of it.

The company can now operate in the region on Emirates' 'test-adapt-scale' model for digital asset markets.  (Shutterstock)
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