Dubai is a haven for crypto enthusiasts, says Citi executive
In a recent interview with Forkast, Ronit Ghosh, Global Head of Banking, Fintech, and Digital Assets for Citi Global Insights, said that Dubai is the new go-to destination for crypto enthusiasts as the nation continues to implement crypto-friendly policies and attract firms from around the world to set up their business in the country.
Dubai: a land for crypto enthusiasts
Ghosh applauded the efforts of the rulers of the United Arab Emirates to form a regulatory policy for cryptocurrencies and exchanges as well. He further added that the rulers pushed Dubai to become a crypto haven for investors, which might be fruitful for the nation."You had very clear messages top-down from the country's rulers that we're going to try to regulate this," Ronit Ghose told Forkast. "ADGM [Abu Dhabi Global Market] in Abu Dhabi, in Dubai, there's a virtual asset regulator announced recently," the Global Head of Banking for Citi Global Insights said. "They're putting in place frameworks to allow regulation."Dubai and Abu Dhabi have been making headlines due to their crypto-friendly policies and regulations. Ghosh further said that "there's a pro-future or a pro-technology agenda" that the UAE seems to be following. He further talked about how easy it is to set up business in the UAE as compared to more significant economies that he compared to "oil tankers."
"I'm talking generically compared to many countries. You can just look at the stats, the number of days, the number of hours spent," Ghose said. "So the process of incorporating a business is relatively easy."Ghosh further added that Dubai is in the right direction. Although it is a very initial phase for the crypto industry, the nation has cleared its way for a number of business opportunities. "It's not perfect yet, but it's a great sort of first few steps," Ghosh said.
UAE goes crypto
Many firms have been migrating and expanding to UAE, with Abu Dhabi and Dubai becoming the favorite places. Recently, Nischal Shetty and Siddharth Menon, co-founders of Indian cryptocurrency exchange WazirX, have migrated to the nation, as people wonder if WazirX might shift its HQ there."Many Web3 and crypto founders from India have moved there, but also China, Russia, Western Europe, the U.K.," Ghosh noted.
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