The United Arab Emirates has joined the list of countries regulating cryptocurrency exchange following the launch of Crypto Bulls Exchange. This latest development has been made possible by a partnership between Crypto Bulls, Al Zarooni Group, and Gulf Gold Coin.
Leveraging Crypto Bulls’ Global Networks
Crypto Bulls Exchange (CBX) is not a new company – it is just new to the UAE. The company was founded by Madhu and Sasha Gupta, two entrepreneurs from India. It was designed to serve markets across Asia and the Middle East and its operations have been expanding across the continent – its latest entrance into the UAE cryptocurrency market is the latest proof of this.
CBX has the capacity to process over 1 million transactions per second. It also utilized the latest anti-hacking technology to ensure security and privacy. It currently serves over 200,000 customers from across the world and is taking more in with each passing day. It is expected to have a turnover of $1 million by the end of 2018.
CBX will be the first cryptocurrency exchange to provide UAE dirham as one of the trading pairs. It has been designed to be easy to use even for the novice traders. To this end, it even has apps for Android and iOS mobile devices as well as a comprehensive web portal. Its systems are also scalable and easily up-gradable.
A State-Backed Move
Crypto Bulls Exchange’s venture into the UAE market was overseen by Suhail Al Zarooni, Al Zarooni Foundation’s chairman, and the aforementioned co-founders of Crypto Bulls. However, the move has been warmly welcomed by the government at the highest levels.
The UAE government is positioning itself to be a leader in technology not only in the Middle East but also in the world. Adopting cryptocurrency technology has been considered a vital component of this goal. To this end, Sheikh Mohammed bin Rashid, the Ruler of Dubai and Prime Minister of the UAE, proposed and initiated a new project dubbed UAE Blockchain Strategy 2021. This project has been designed to open the country up to cryptocurrency markets. It will also be used to record half of all state transactions, which will save the country a lot of working hours, time, and money while also improving the organization.
The government is also in the process of developing legal frameworks that will help regulate an industry that is still evolving. To this end, the UAE Securities and Commodities Authority (SCA), headed by Sultan bin Saeed, last year announced that it was in the process of drafting legal frameworks that would help recognize ICOs (Initial Coin Offerings) as securities. This and other frameworks should be fully implemented by 2021.
The UAE’s attitude towards cryptocurrencies is a break from the current trend as most other countries are passing regulations to curb the popularity and influx of cryptocurrencies.
UAE has been working towards a global technology hub. This goal has seen it adopt Blockchain technology and cryptocurrencies. Its recent move to regulate Crypto Bulls Exchange is aimed at helping achieve this goal sooner than projected.