The Cryptocurrency Exchange is planning to obtain regulatory approval to offer its cryptocurrency services from DWTCA in Dubai.

Dubai is a tech-friendly region in the world. After showing a hugely negative stance towards the cryptocurrency industry in the past few years, Dubai authorities showed a friendly attitude towards the cryptocurrency and blockchain industry at the end of last year, making Dubai a hub for tech innovation and cryptocurrency.

On March 9, Bloomberg reported that Cryptocurrency Exchange is in talks with the Dubai World Trade Center to obtain a license for virtual cryptocurrency assets to begin its cryptocurrency offerings in the Middle East in Dubai alongside its current work, a person familiar with the exchange's current work said.

However, there was no official response from the exchange or its executives on the matter, but Changpeng Zhao, CEO of CoinExchange, cited the UAE's "first law governing virtual assets" and wrote that clarification is always an important matter and expressed appreciation for the government's initiative.

Regulatory clarity is important. This new virtual asset law in Dubai is a big step forward. https://t.co/qIMFjMiSUv

– CZ 🔶 Cryptocurrency (@cz_binance) March 9, 2022

Cryptocurrency supports Dubai's adoption of cryptocurrency industry

Cryptocurrency Exchange is the number one cryptocurrency exchange in the industry in terms of maximum 24-hour trading volume. The Cryptocurrency Exchange team continues to actively promote the adoption of cryptocurrencies in all possible ways, whether it be through the adoption of blockchain technology or the provision of premium services.

Last December, Cryptocurrency signed an agreement with the Dubai World Trade Center Authority (DWTCA) to make Dubai a digital asset hub.

These indications are that Cryptocurrency will easily obtain its cryptocurrency license in order to easily operate its services under DWTCA compliance.

However, Coin has received regulatory approval from the Central Bank of Bahrain to operate its services in the Middle East.

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