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UAE Now Has A Local-Based Exchange

Samantha Mitchell

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Bitex has officially opened its Cryptocurrency exchange services in the United Arab Emirates (UAE) to become the latest Crypto trading platform in the country. The new exchange is expected to allow the locals to buy the listed coins on its platform using the local currency. UAE has been working towards regulating the Crypto sector with the aim of becoming a Crypto and blockchain hotspot.

Bitex Cryptocurrency Exchange Launches Dubai

Cryptocurrency traders in the United Arab Emirates (UAE) have a reason to smile after Bitex exchange officially launched in the country. The newest Crypto trading platform will initially list Litecoin, Ethereum, Bitcoin Cash, and Bitcoin Core. According to the local media reports, the exchange also announced the launch of its own wallet. This will enable the exchange to provide coin storage services to its customers.

The exchange will use a multi-signature HD wallet to store their clients’ coins securely, Trade Arabia reported. Bitex UAE added that the use of the three-key system will require the users to provide two of the three keys making the three-key system even more secure. On its Linkedin page, the exchange said the Bitex UAE will securely store the first key, while the Bitext UAE’s wallet partner stores the second key. The two will be used to access funds. The exchange has said that the other key will be the recovery key.

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Bitex UAE To Provide Various Benefits To Crypto Traders

UAE-based residents are expected to enjoy various benefits from the newest exchange in the country. According to Bitex UAE’s chief executive officer Monark Modi, the new exchange will provide the locals with more payment alternatives, which include debit and credit cards and bank transfer. Furthermore, the exchange will allow its customers to schedule a cash pickup. Within 24 hours of deposit, the funds will be available for trading.

The senior executive also added that the local Crypto traders have been eagerly waiting for more options that allow them to buy and sell different Cryptocurrencies in a safe and secure way. Despite the accessibility of international exchanges in the country, they are not as convenient as the new Dubai-based exchange. For instance, whereas Crypto traders are forced to exchange the local currency with other currencies to trade on the exchanges, the new exchange will allow them to make a deposit in the local currency.

Change In Crypto Regulation In The UAE

The Crypto sector in the UAE has been undergoing various changes that have enhanced its growth. The recent changes in regulation in the country have gone a long way in encouraging more Crypto firms to move to the country while at the time boosting the growth of its Crypto market. According to Bitex’s CEO, Blockchain Strategy 2021, a vision by the government to make the country a Crypto and blockchain hub has helped in making Cryptocurrencies more accessible in the country.

In the past few months, UAE has been putting various regulations in place with the aim of attracting more Crypto firms in the country while at the same time protecting the interests of investors and the locals. In June, for instance, the Abu Dhabi Global Market’s regulator the Financial Services Regulatory Authority released new regulations that affect Crypto trade in the country. The framework addresses the use of Cryptocurrencies in illegal activities such as money laundering.

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