New Crypto Exchange, Bitex, Launched in United Arab Emirates (UAE)

Digital asset exchange, Bitex, has officially launched in the United Arab Emirates (UAE). The new crypto trading platform will support bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and litecoin (LTC).

Bitex Ramping Up

Bitex’s management team has also released a new crypto wallet that provides a cash deposit service. Monark Modi, the CEO of Bitex’s UAE branch, said the exchange will offer many different payment options - such as bank wires, and credit or debit cards.

Modi explained that Bitex’s cash deposit service lets users transfer funds directly to their exchange accounts, so that they may be available for use on the platform within 24 hours.

Commenting on UAE’s progressive regulatory framework, Modi noted: “Recent changes in UAE regulation have made today the perfect time to seize the opportunity to introduce a new, secure, professional trading platform.”

As CryptoGlobe reported, Dubai, the UAE’s financial hub, is planning to conduct 50% of its transactions on blockchain-based networks - as part of the country’s Blockchain Strategy 2021.

One of the main objectives of the nationwide initiative is to establish “the groundwork for digital assets becoming more accessible” in the UAE.ming more accessible” in the Gulf state.

Emphasizing the importance of security on cryptoasset trading platforms, Modi said: “UAE residents have been calling out for more options to securely buy and sell digital currencies … while residents have been able to use international trading platforms for some time, having access to a local exchange is far more convenient. Trading via a UAE-based company allows customers to easily deposit local currency rather than first having to exchange it for a more widely-accepted currency.”

In June, Abu Dhabi’s (UAE’s capital city) regulator, the Financial Services Regulatory Authority, had released a comprehensive set of guidelines for local firms dealing in digital currencies.

The regulatory framework identified the potential risks involved with crypto-related transactions, including their use to finance illicit activities such as drug trafficking and terrorism.

UAE Ahead of the Curve

However, the UAE is among the few Middle Eastern countries that has been receptive to the latest developments in financial technology. As CryptoGlobe reported in August, ADAB Solutions, a UAE-registered financial firm, launched the world’s First Islamic Crypto Exchange (FICE).

Notably, FICE’s operations are Shariah-compliant - which means that the exchange’s business dealings are in accordance with the teachings of Islam.

As covered recently, the UAE’s central bank will be working with Saudi Arabia’s regulators and financial market professionals in order to launch a state-backed digital currency. The joint initiative, which will involve developing Saudi Arabia’s national cryptocurrency for cross-border, bank-to-bank payments, has already entered its design phase.