Development in crypto regulations in the Middle East will help digital assets grow according to Ola Doudin, co-founder of UAE-based cryptocurrency exchange BitOasis, who says that the region is now “having its crypto moment”.
Interest in cryptocurrencies has spiked over this past year, thanks to Bitcoin’s soaring valuation, which peaked in April to over $64,000. On BitOasis’ own platform, user sign up rose by 400 per cent in the first quarter of this year, compared to Q4 in 2020. Transaction volumes in Q1 2021 have already surpassed the full volume of 2020.
“It’s adoption we’ve never seen before,” says Doudin who expects further growth in volumes after securing a licence from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, becoming the first licensed cryptocurrency exchange in the country.
The startup is now authorised to allow buying and selling of virtual assets with local currencies and will relocate to the Abu Dhabi Global Market (ADGM) before the end of the...read more...