The UAE has increased its push to adopt the use of blockchain in recent years.
The United Arab Emirates is in talks with Asian firms who are looking to relocate to the Gulf nation, as part of efforts to transform itself into a hub for cryptocurrencies.
“We’ve seen multinational firms right now waiting to relocate out of east Asia,” Ahmad Belhoul Al Falasi, minister of state for entrepreneurship and SMEs, said in an interview. The government is in talks with “several” firms eyeing a base in the UAE given tougher regulations elsewhere and given the country’s resilience through the pandemic, he said.
Binance Holdings has held discussions with regulators in the UAE about a potential headquarters in the Gulf nation, reported last week. “Stay tuned,” Al Falasi said, when asked about Binance’s plans.
The UAE has intensified its push to bolster the use of blockchain in recent years. Dubai, a financial center with a vibrant nightlife and tourism scene, is vying with Singapore, Switzerland, and other regions to become a global crypto hub. On Monday, the government said the Dubai World Trade Centre will become a comprehensive zone and regulator for virtual assets and cryptocurrencies.
“Cryptocurrency is here to stay, we’ve seen an increase in uptake,” Al Falasi said. “As long as you are following the right regulation, there is no harm in adopting such technology or putting the regulation in place.”
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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