How UAE And Singapore Are Turning Into Crypto Hubs WithIndian Exchanges Moving Base
UAE and Singapore are turning into crypto hubs as many exchanges are moving base
Uncertainties over cryptocurrency regulation in India could well be a boon for countries looking to broaden their crypto network. Singapore and the United Arab Emirates, in particular, appear to be on the path to turning into the new crypto hubs of the world with several Indian exchanges looking to move base from India. The scramble for cryptocurrency exchanges to shift base gained pace after the Central government's 30 per cent tax proposal on all virtual property. And, making most of the regulatory uncertainties are countries like Dubai and Singapore that are doing their best to woo crypto buyers.
As per a report by Bloomberg, by the end of the first quarter this year, the UAE is all set to issue federal licenses for virtual asset service providers. By doing so, it aims to encourage some crypto giants from across the world, India included.
Binance, which is considered one of the largest cryptocurrency exchanges in terms of daily trading volume, also held discussions with UAE regulators for a potential headquarters in the country. As one of the world's fastest-growing crypto markets, UAE is the third in the Middle East after Turkey and Lebanon. In late December 2021, Binance struck an agreement with the Dubai World Trade Centre Authority (DWTCA), which is establishing an international virtual asset ecosystem. The agreement makes Binance one of the first cryptocurrency exchanges to join the DWTCA's new crypto centre.
Binance, in a statement, said that with the deal, it work with DWTCA to “outline the vision of accelerating the set-up of a new industry hub for Global Virtual Assets.”
Dubai https://t.co/yzTbV76geb
Meanwhile, Singapore also has its
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