UAE to Get An Official Crypto Exchange
November 2, 2018 1:10 pm
Crypto Bulls, Gulf Gold Coin (GCG) and the Al Zorooni Group have launched the country’s first officially registered cryptocurrency exchange. This collaboration has allowed Crypto Bulls Exchange (CBX) to become the first regulated exchange in the Gulf Cooperation Council (GCC). This merger is based on the new regulatory framework that was announced back in September.
Suhail Al Zarooni, Chairman, Al Zarooni Foundation and the co-founders of Crypto Bulls exchange, Sasha Gupta and Madhu have signed a Memorandum of Understanding (MOU) to make this announcement official.
Since it was founded back in April, CBX has served over 200,000 global users. It is the first exchange in the Gulf region to allow trading of dirham trading pairs in the UAE. The platform is available on iOS, Android and also features a web version for enhanced convenience.
Gupta talked about his platform saying that it was developed to provide a significant contribution to the digital assets space. He said
“With the support from the government, Crypto Bulls will be able to attract huge foreign crypto investments from Asia and the Middle East. By 2018, the turnover of the crypto market will touch $1 billion.”
Back in April 2018, it was reported that Sheikh Mohammed Bin Rashid, the Prime Minister, Vice President of the UAE and the Ruler of Dubai put in motion an initiative called the UAE Blockchain Strategy 2021. This initiative was launched to turn the Gulf nation into a leading global technology hub.
This will enable the UAE government to employ the blockchain to record 50 percent of its transactions. This strategy will allow the government to save 77 million work hours and up to 398 million printed documents per year.
Madhu talked about the security and overall speed of the platform saying that there will be a demo version that will allow newbies to learn how to trade without being exposed to the chance of risks and losses.
“Crypto Bulls has a capacity of one million transactions per second. We are using the best anti-hacking tools with a 24/7 team monitoring security issues. We are giving beginners the option of practice trading accounts before trying actual trading.This is something unique which has never been given through virtual coins.”
Notably, Sultan Bin Saeed, Chairman, UAE Securities, and Commodities Authority (SCA) announced last September that the regulatory body is drafting a new legal framework that will recognize Initial Coin Offerings (ICOs) as securities. He said
“In light of the rapid development of the digital tokens market and the response thereto by the regulators in a number of countries worldwide towards regulating the initial coin offerings, the SCA Board of Directors has approved the SCA plan to regulate in a number of countries worldwide towards regulating the initial coin offerings, the SCA Board of Directors have approved the SCA plan to regulate the ICOs and recognize them as securities.”