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“Binance understands that top UAE executives would like to make the region a hub for Web3. They’re trying to move away from fossil fuels, and they see cryptocurrency as a great incentive to do that,” Alex Chehade explained.
Clear cryptocurrency rules in the UAE make the region attractive to exchanges like Binance.
“Binance is in the UAE because we have been given the assurance that we can get things up and running and build the future. For big business, you need predictability, you need planning and budgeting,” he explained.
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Chehayd noted that the UAE Virtual Asset Regulatory Authority (VARA) is an important entity in the UAE. In addition to regulation, the influx of young people to the UAE could lead the region to embrace cryptocurrency faster than other digital asset centers.
“A lot of people are moving here from Europe and Asia, and the overall demographics in the UAE are better, people are younger. And we know that young people have more favorable attitudes toward virtual assets,” he believes.
Recall that the U.S. Securities and Exchange Commission (SEC) has sued the exchange Binance and its founder Changpeng Zhao, alleging violations of federal securities laws;
In April, authorities in Dubai, one of the UAE’s seven emirates, announced that they were accepting applications from cryptocurrency companies for licenses to operate in the region.<br