The United Arab Emirates is in talks with Asian firms that want to relocate to the Gulf countries as part of efforts to transform themselves into crypto hubs.
“We have seen multinationals waiting to move from East Asia right now,” Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, said in an interview with Bloomberg TV. The government is in talks with “many” firms. He said a base in the United Arab Emirates elsewhere gave stricter rules and flexibility to the country through the pandemic.
Bloomberg reported last week that Binance Holdings Ltd. is in discussions with regulators in the UAE about a possible headquarter in the Gulf country. Asked about Binance’s plans, Al Falasi said, “Stay tuned.”
The oil-rich country has intensified its efforts to promote the use of blockchain in recent years. Dubai, a financial hub with a vibrant nightlife and tourism scene, is competing with Singapore, Switzerland and other regions to become a global crypto hub. On Monday, the government said the Dubai World Trade Center would become a broader sector and regulator for virtual assets and cryptocurrencies.
“Cryptocurrency is here to stay, we have seen an increase in uptake,” said Al Falasi. “As long as you are following the correct regulation, there is no harm in adopting such technology or enforcing the regulation.”
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