CEO of Bittrex Global: Dubai and the UAE are the most cryptocu | DeFi Protocol

CEO of Bittrex Global: Dubai and the UAE are the most cryptocurrency-friendly

The United Arab Emirates (UAE) and Dubai are the friendliest jurisdictions for the cryptocurrency industry, according to the CEO of global crypto exchange Bittrex Global.

Bittrex Global CEO Steven Stonberg said Dubai would benefit from the expansion of the cryptocurrency market in the Middle East as local regulators increasingly adopt blockchain-related technologies.

According to Stonberg, the UAE and Dubai are "doing the right thing and are going to attract a lot of regional projects" in the cryptocurrency industry. In his view, these jurisdictions provide excellent locations for launching cryptocurrency token projects or exchanges, largely because of the region's status as a tax haven.

According to the Tax Justice Network, in March 2021, the UAE became one of the largest tax havens in the world, along with Switzerland and Bermuda.