Crypto Bulls, Gold Gulf Coin (GGC), and the Al Zarooni Foundation have collaborated to launch the first registered cryptocurrency exchange in the United Arab Emirates. This is according to a today's press release from the Al Zarooni Group.
Known as Crypto Bulls Exchange, the cryptocurrency exchange will provide AED trading pairs and traders would be able to convert their cryptocurrency assets into AED according to this press release. Supported by the UAE Govt, it would be able to attract a huge amount of foreign investments in crypto from Asia & Middle East.
UAE is open and very positive about cryptocurrencies, AI and other nascent technologies and increasingly attracting investments and startups in these areas. Chairman of Al Zarooni Foundation said that a cryptocurrency exchange would be "one of the biggest game changers for Dubai attractions in financial world."
He added that the cryptocurrency exchange will be "the milestone for getting global investments opportunity from all over the Globe in UAE" since more financial techs and investors are looking forward in cryptocurrency and blockchain.
The co-founders will be Al Zarooni and Shasha Gupta and Madhu. The exchange will adhere to government regulations. The government has recently issued regulations on the use of cryptoassets in order to solidify its UAE Block chain Strategy 2021. Crypto Bulls Exchange CEO and founder Shasha Gupta said that they had more than 200,000 happy traders on exchange across the Globe in the last 6 months and the exchange when launched, will be first to provide AED trading pairs and to let traders convert their crypto assets into AED.
The cryptocurrency exchange is hoping to take the opportunities that arise in the wake of government's increasingly encouraging of investment in blockchain adoption through the UAE Block chain Strategy 2021. The government is putting its ministries and operations on blockchain and trough this strategy, hopes to carry out 50 percent of government's transactions on the blockchain by 2021.
Although it is not new to blockchain undertakings, a few more companies have announced projects such as cryptocurrencies that are more suitable to Arab customers. One example is MenaPay's Menachain Solutions DWC-LLC which is launching a cryptocurrency and payment platform targeted at the large unbanked populations in the Middle East and North Africa (MENA).
It will let customers to transfer money into and from other regions and to pay for purchases with cryptocurrencies.
Other cryptocurrencies include the Arabcoin and OneGram, a sharia-compliant cryptocurrency backed by gold. Additionally, BitOasis was the first Bitcoin e-wallet that acts like an exchange for Bitcoin, to open in Emirates back in 2015. It allows buying and selling of Bitcoin in exchange for Dirhams or dollars and developed to become Middle East’s and North Africa's largest cryptocurrency exchange.
It also now supports trading of Bitcoin Cash, Monero and Zcash for AED. Trading exchange is however limited to United Arab Emirates, Saudi Arabia, Kuwait, Bahrain, and Oman countries only.
Not only has BitOasis been able to acquire relationships with local partner firms and organizations, it also has secured a local payment processor which has been able to process AED transactions for customers to purchase bitcoin in the UAE.