Crypto exchange Bitex UAE has set up shop in the United Arab Emirates after the country vowed to introduce clear and comprehensive regulations next year.
The United Arab Emirates (UAE) is showing that they are a force to be reckoned with when it comes to cryptocurrencies. Last month saw the country announce that they will be introducing a comprehensive regulatory framework next year. This is exactly what those in the industry are always looking for – a clear set of regulations for them to follow.
This is especially true for cryptocurrency exchanges as we’ve seen with platforms like Zebpay and Binance who have both found homes on the industry-friendly island of Malta. Now, according to Trade Arabia, it appears as if the UAE’s positive stance on crypto and blockchain has also attracted an exchange.
Focus on Security
Bitex UAE is also placing a strong emphasis on security with its wallet implementing a three-key system. One key will be held with the exchange itself, the second with its wallet partner, and the third will be a recovery key. Modi added:
Security in general and protecting customers’ digital currencies is the top priority. Rather than a standard two-key security system, Bitex UAE offers a three-key system to ensure customers have complete access to their funds while being safe in the knowledge their assets are completely secure.
In addition, the platform has plans to expand to the rest of the Gulf Cooperation Council (GCC) countries which include Kuwait and Saudi Arabia, the latter of which has plans to launch its own digital currency next year.
Do you think that the UAE will be giving Malta a run for its money when it comes to attracting exchanges? Let us know in the comments below!
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