TL;DR Breakdown
• Dubai lags in crypto adoption due to its regulations.
• Laws in Bahrain are friendly to crypto exchanges.
After the greatest exponent in cryptocurrencies set up its operations in the United Arab Emirates, fans of trading with Bitcoin were excited. Since Binance arrived in the Middle East, rumors have spread it could be the center of crypto operations in the region, but the speculators were wrong.
Recently Binance executive director clarified that Dubai is not close to becoming the focal point of crypto-commerce in the Middle East but that its ambitions are towards other countries. Binance may be attracted to Bahrain, a neighboring country of Qatar in the Arab region.
Binance operations in the UAE are not as expected
Binance, as one of the most recognized crypto exchanges in the world, seems that it will not offer its operations in the UAE as expected. After serious negotiations with national regulators, the crypto platform arrived in Dubai in 2021. However, the crypto exchange does not yet have the license to operate within the country.
But Bahrain has provided the opportunity for Binance to work under its laws by offering the best crypto solutions to its citizens. According to Tatal Tabba, a wealthy crypto investor who is also the CEO of CoinMENA Exchange, he believes that the eastern country offers friendly laws towards crypto trade which makes the difference compared to the UAE.
Bahrain has accepted crypto trading to pay for services, allowing banks to link to incoming exchanges like Binance. Many countries do not accept banks to buy cryptos, except for El Salvador, which gave you the authority to trade with Bitcoin.
Central banking in Bahrain has simple laws against cryptos
Not surprisingly, Dubai has fallen behind in crypto operations for many crypto fans considering the strict CBUAE laws towards decentralized trading. From another perspective, the CBB that would correspond to the central bank in Bahrain relaxes its laws towards the crypto trade.
In previous months, the CBUAE said that cryptos are not used as a legal form of payment and that if so, they could be regulated. This small comment from the banking manager would give an insight into Dubai and its early crypto trading adoption.
While Dubai misses that great opportunity to gain recognition as a driver of the decentralized market in the Middle East, Bahrain has no time opening its doors to all crypto exchanges. It is presumed that several crypto platforms are operating from the eastern country, starting with CoinMENA, which reported an operations range worth 1,000 million dollars by 2021.
With Binance in the Arab territory, the CoinMENA Exchange may have a great competitor it wanted to surpass. The Binance crypto exchange could arrive in the country to offer its operations in the coming weeks.
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