Huobi, a Seychelles-based cryptocurrency exchange, has announced that it is launching its digital asset exchange services in Dubai of the United Arab Emirates.
In recent months, the UAE government has demonstrated more support for blockchain and cryptocurrency projects, with many overseas companies expanding into the Middle Eastern country.
According to Crypto Briefing, Huobi has disclosed in a press release that 5.2% of the population in UAE already possesses cryptocurrency. With a fast-developing cryptosphere in the nation, the number of digital assets holders are expected to rise further in the coming months.
Huobi revealed that the new office in Dubai is part of the firm’s expansion plans, as it previously raised 500 million yen (approx. US$4.5 million) to fund its expansion strategy.
Moreover, to allow for greater clarity for crypto-related projects and exchanges, the UAE Securities and Commodities Authority (SCA) recently drafted a resolution that is expected to boost the confidence of investors keen on funding crypto projects in the country.
Earlier in October 2019, blockchain services provider Blocko also announced its expansion to the UAE, made possible due to its partnership with SEED group — a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum.
Blocko is set to develop a hybrid public-private blockchain for the UAE government and its agencies using the Aergo platform, as part of the administration’s strategy to move roughly half of all its operations to a blockchain by 2021. The move is expected to save 77 million work hours as well as 11 billion AED (US$3 billion) in operational costs.
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