Dubai- All Geared Up To Become The Cryptocurrency Hub Of The World

The UAE government is all set to lure cryptocurrency businesses worldwide to start their business in the Emirates. It has been decided that a governing body will be formed that will look after the establishment, and attaining cryptocurrency license in Dubai.

Emirates has formed its own authority to look after all crypto related activities in the UAE.

The Virtual Asset Regulatory Authority (VARA) Dubai will be the governing body that will be responsible for all types of operations related to virtual assets, non-fungible tokens (NFTs), and cryptocurrencies.

Additionally, VARA aims to raise visibility of the virtual asset asset market, grant cryptocurrency businesses licenses in Dubai, and encourage investment and virtual asset companies to establish themselves in Dubai. It further aims to offer the guidelines and standards required to regulate, oversee, and manage all virtual asset-related matters.

Key activities of VARA

• Running and sustaining virtual asset platforms.

• Exchange services between one or more types of virtual assets as well as between virtual assets and money, whether local or foreign.

• Transferring virtual asset services.

• Services for virtual asset custody and management

• Virtual asset portfolio management

Virtual token sales and exchanges.

Let’s begin with understanding what a cryptocurrency exchange is. It is basically a website where you are allowed to buy and sell virtual assets. You can use them to swap cryptocurrencies, or to purchase cryptocurrencies using conventional currencies, such as the dirham.

Moreover, these exchanges provide you the option of using their wallet depending on what type of technology you choose.

Kraken is a popular name that offers both a simple user interface and a sophisticated platform with many tools and features for more traders. Additionally, Kraken users have access to many internal security tools. It is the top cryptocurrency exchange in the UAE if you want to trade digital currencies with leverage. UAE can be a top market for Kraken as it will be offering crypto trading in UAE dirhams.

Another crypto giant that got approval from VARA to operate in Dubai. Binance, is renowned for its lower commission fees. Binance’s plan to expand not only to the Middle East but also specifically into Dubai demonstrates their assurance in VARA’s assistance and the cooperation from the flexible crypto regulations by the UAE government.

Another addition to the list of top crypto exchanges in Dubai is Crypto.com. Everything is available on the site, including interest-bearing accounts, loans, and an NFT marketplace for cryptocurrency. The website also allows you to easily purchase virtual currencies using a debit or credit card.

BitOasis, which is based in the UAE itself, is probably the best crypto platform for beginners. It focuses on providing cryptocurrency exchange services to customers in the Middle East. The network supports more than 40 popular cryptocurrencies, including Bitcoin, Ethereum, DeFi coins, metaverse tokens, and others.

Since the day Dubai announced the decision to launch VARA, that will be a sole authority that will manage virtual activities such as cryptocurrency trading and other related operations, it has pooved itself to be the upcoming hub of the crypto businneses worlwide. Due to its emphasis on digital assets and cryptocurrencies, Dubai is ideally positioned to benefit from the sector’s tremendous expansion.

Dubai has launched actions to create laws and regulations that will permit the industry to flourish significantly within the regulatory framework. VARA was established to provide a robust and reliable operational environment for the virtual asset industry, it intends to grant cryptocurrency business licence in Dubai and manage the relevant activities.