The Middle East is a complex subject in more than one way for several matters. The extent of general uncertainty and turbulent political state of affairs makes it tough to grasp the way things function there. A good example of this is cryptocurrencies. The strong influence of state control can be tough on these virtual coins. However, the crypto market continues to be alive within the region.
The Inception Of Crypto Exchanges
Most of the cryptocurrency exchanges within the region can be found in Dubai. RightBTC pioneered their presence in the territory. As with many other countries, they started spreading during the 2014 popularization of these digital assets.
All exchanges are—to some extent—backed by private investment from companies and venture capitalists. Of course, the users also back each exchange.
However, the most fascinating issue when it comes to the exchanges in Dubai is the government. Why? Well, the state actively backs a lot of these exchanges; it’s a continuation of its objective to modernize the country.
How Does Regulation Work?
The Middle East is known in the crypto market community for its hostility towards the coins. Nevertheless, it’s important to note that many countries show interest in developing a legal framework, yet they don’t make up a majority.
What’s true is that the blockchain is interesting for most countries. Even those who directly opposed crypto trading have shown interest in adapting the blockchain to their functions.
It may be best to focus on the legal framework in Dubai. After all, most exchanges have settled there.
In this case, there really isn’t a strong framework. That’s not to say the government doesn’t care; different politicians have been reported as expressing interest in them. The state itself looks to create its cryptocurrency, and it would be standardized in its use.
It’s one among the essential crypto-exchanges within the region; its birth occurred in 2015. The platform has expanded prominently, getting to collaborate with the Dubai government and searching to maneuver into the region of Saudi Arabia.
CryptoSouk appeared this year. Its aim is to become an exchange for beginners, with education and intuitive tools. The exchange supports several countries all the way to Latin America.
It shares its creator with emCash. It was developed by the government’s economic department, and the latter is the first official crypto coin in Dubai. EmCash’s objective is to become the first layer for crypto coins within the nation.
It saw its creation in 2014, and it sits in Dubai. Today, it’s one among the leading crypto-exchanges. It comes with a crypto wallet, and both support all major cryptocurrencies.
How Much Do People Trade Crypto There?
While the legal state of affairs relating to cryptocurrencies is dubious for many of the countries, many of the world’s most prominent crypto-exchanges operate within the region.
It’s true that using cryptocurrencies is difficult over their rejection from many governments. However, these exchanges see a lot of activity. In fact, a significant part of the trade volume around the globe comes from these firms.