Middle East regulatory clarity drives crypto industry growth — Binance FZE head

cointelegraph.com:

Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE’s general manager.

Alex Chehade, who heads Binance’s local operation in Dubai, tells Cointelegraph reporter Ezra Reguerra that progressive regulatory frameworks in the region are a major drawcard for startups and established industry players:

Chehade believes that regulators in other jurisdictions have not quite figured out or taken the time to learn the ins and outs of the cryptocurrency landscape or simply lack the “bandwidth” to begin regulating the sector:

The Binance FZE general manager adds that businesses need certainty in order to create long-term plans, and the regulatory parameters that exist in these specific jurisdictions facilitate that process. 

Chehade also highlighted Binance’s role as a catalyst for Web3 companies and startups to establish in the region.

Chehade stated that Binance now employs around 600 people in its Dubai-based operation and will continue to play its part in fostering the industry. He adds that Binance FZE has been operating as a regulated exchange in Dubai for a year and a half and is segregated from the rest of its global operations with ring-fenced custody and operations.

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In a prior interview with Cointelegraph at the Blockchain Economy Dubai Summit, Akshay Chopra, Visa’s vice president and head of innovation and design, echoed Chehade’s sentiments regarding the region’s progressive regulatory outlook.

As a board member of the MENA Fintech Association, Chopra highlighted the “forward-looking and inclusive view of blockchain and crypto solutions” as a key driver of