UAE based BitOasis, crypto exchange CEO Ola Doudin believes UAE will become a global crypto hub. Doudin made these remarks during an interview on Fintech TV in an episode of the Digital Asset Report.
During the interview she stated, “I think there’s been a lot of developments happening over the last six to ten months, especially in the UAE. We’re seeing the UAE positioning itself as a leader in this technology space and competing with other jurisdictions globally. We are witnessing willingness from the government to ensure that this ecosystem grows, either from a regulatory perspective as well as supporting through provision of subsidies and capital. I think this is very positive and placing the UAE as the leader in this area.”
Bitoasis recently received provisional approval from Dubai’s Virtual Assets Regulatory Authority to continue its business operations in Dubai whilst it undertakes the in-depth process of applying for a license per the VARA requirements.
Doudin believes that the actions taken by the UAE will develop the country into a high density of knowledge and know how making the UAE a hub for research and development, as well as exporter of innovation in this space.
Doudin believes that with the new regulations adopted by the Dubai government, adoption of Digital currencies in the financial space will become more mainstream. Doudin commented “I think when we look at the Middle East this technology is completely transforming financial services in a way that it’s building the foundation of digitally native financial services that are a lot more open, transparent, secure, and seamless. We are working as well with different regulators across the UAE, such as ADGM (Abu Dhabi Global Markets), and other regulators as well, such as the UAE Security and Commodities Authority as they seek to introduce more regulations.”
Doudin added that BitOasis plans to expand to Turkey and Pakistan over the next year to year and a half.