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Author: Admin | 2025-04-28
Regulate the virtual asset market by providing clear policies, issuing licenses to crypto businesses, and penalizing defaulters. Earlier in November, the regulator noted that it would release a comprehensive regulatory framework allowing crypto companies to launch products before the end of the year.Several industry experts believe that the crypto-friendly approach adopted by the Dubai government is putting the Emirate at the forefront of crypto adoption. The Global Head of Banking for Citi Global Insights Dubai, Ronit Ghose, pointed out that Dubai is poised to emerge as the crypto hub the world has been waiting for.Influx of major crypto players into DubaiThe positive impact of the Dubai governing authorities putting in place such regulations is already evident. We have already observed several major players in the crypto industry transition or begin transitioning their operational headquarters to Dubai.In March 2022, crypto exchange ByBit revealed that it would shift headquarters from Singapore to Dubai. At the same time, Singapore-based Crypto.com also announced plans to establish a regional hub in Dubai amid a tightening regulatory grip from the Singaporean government. WazirX, one of the biggest cryptocurrency exchange platforms in India, also moved to Dubai to enjoy the conducive regulatory environment. The world's largest crypto exchange, Binance, received a virtual assets license from VARA earlier in March to offer limited crypto products in Dubai. The exchange has recently secured a license to offer more crypto products.Additionally, the new framework has taken Dubai's digital asset industry from a gray market into a more transparent and attractive jurisdiction for a wide variety of crypto companies, including miners. With these favorable measures in place, thousands of crypto miners are moving to Dubai to set up shop. The ongoing expansion plan of Crusoe Energy into the Middle East, specifically Abu Dhabi and Oman, presents the opportunity for cheap energy and could significantly boost the crypto mining market in the UAE. Crusoe Energy's CEO, Chase Lochmiller, explained at the AIM Summit that the company uses its patented digital flare mitigation systems to power mining rigs. Flaring involves burning excess natural gas as part of oil drilling operations and has a
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