In September, the United Arab Emirates (UAE) Securities and Commodities Authority and the Dubai World Trade Center Authority (DWTCA) agreed on a framework that allows the DWTCA to approve and license financial activity related to cryptocurrency assets. In October, the other Dubai Free Zone (DIFC), the financial free zone owned by Dubai’s state-owned finance centers and the Middle East’s premier finance center, released the first part of a regulatory framework for digital tokens.
Dubai has been a supporter of cryptocurrencies for a long time. In September, Dubai hosted a grand event, now seen as the biggest crypto-event. More than 3,000 delegates came to the event. The event was held from October 14 to October 14. The purpose of the event was to discuss the development of cryptocurrencies in the countries of the Middle East and Africa.
A research report by Chainalysys revealed that the cryptocurrency market in Africa grew by 1,200 percent between July 2020 and June 2021 – making it worth $105.6 billion (Rs 775 crore). Turkey, Bahrain and the United Arab Emirates also expanded their crypto-space in the Middle East.