In an interview, Stephen Stonberg claimed that there are huge chances that Dubai will show his presence at a better level in the crypto space because of the current favourable situation.
In the Bloomberg report, Stephen Stonberg, Ceo of Bittrex global crypto exchange, appeared and talked about the crypto situation that is going on in Dubai & United Arbian Emirates.
According to Stephen Stonberg, the local regulators of Dubai are accepting blockchain based technology projects. And this adoption of the blockchain industry by the regulators results in expansion of the crypto industry in the Middle East.
Stephen also revealed that jurisdiction among Dubai & UAE is in favour of the crypto and they are planning a better location where the crypto exchanges can be operated due to the tax haven provided by the region status.
Also the report of the Tax Justice Network data, revealed that, in March 2021 UAE became number one in tax collection in the world including together with Bermuda and Switzerland.
And then Stenberg added that “in my opinion, Dubai will benefit greatly. And also Sternberg revealed that Bittrex is planning to expand their crypto exchange operations in Dubai & UAE regions so that they can grab more volume of customers.
Bittrex is a very old crypto exchange with huge numbers of users. Because of the regulators’ pressure, they restricted their services from many countries and now they are available in few countries. Right now this exchange is under the supervision of the Bermuda Monetary Authority.
Read also: Cryptojackers are top malware threats in Africa : Kaspersky