Singapore-Based Huobi Launches Exchange in UAE

Asia Blockchain Review
November 10, 2019

Huobi, a Singapore-based cryptocurrency exchange, has announced that it is launching its digital asset exchange services in Dubai of the United Arab Emirates. 

Bright Future for Crypto in Dubai

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.

UAE Government Determined to Adopt Blockchain

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.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Global Islamic FinTech 2020: A Digitalised Economy Growth To Look Out For
    If you are new in this sector, Asia Blockchain Review is ready to get you started on the whole missi...

    February 26, 2020

    pitchIN: Leading the Way for Crowdfunding in Malaysia
    When it comes to the crowdfunding space in SEA, a name which rings a bell with most industry players...

    February 18, 2020

    Singapore: Cementing its Position as SEA’s Blockchain and Crypto Hub
    Given the government’s pro-blockchain policy, coupled with the strong financial support of the marke...

    February 14, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us