The UAE is turning into a regional hub for cryptocurrency trading

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Participants in the “Wiki Financial” conference, which kicked off yesterday in Dubai, confirmed that the UAE is ready to transform into a regional center for cryptocurrency trading and brokerage firms operating in this sector, due to the country’s financial and digital structure and the fact that the market is more stable in the current period.

The participants said that the UAE and Dubai have made great strides in developing the blockchain networks that are relied upon in digital currency trading, which enhances transparency in this emerging sector and increases customer confidence.

They pointed out that the UAE and Dubai market is a large and promising market for cryptocurrency trading, as it helps the development of companies and attracts intermediaries working in the sector.

They said that the circulation of cryptocurrencies in the UAE is increasing in preparation for the development of laws and legislation that the state intends to issue to preserve the rights of dealers in this sector and to ensure transparency in transactions.

The conference witnessed many working sessions and discussions with the participation of elite forex experts who reviewed the latest developments and challenges facing the cryptocurrency sector in the current period all over the world.

With regard to “Forex”, the experts said that the Central Bank of the UAE, in conjunction with the Securities and Commodities Authority, has a set of provisions that have been put in place with the purpose of ensuring that forex brokers who provide high-quality, fair and transparent services.

They added that the number of forex traders in the UAE reaches about 1,000 companies, while the number of brokers exceeds 8,000, which promotes growth in this vital sector.

They explained that licensing a forex company requires that the broker be locally owned with a minimum capital of between 1 million and 3 million dirhams, and this does not mean that the state prohibits brokers abroad, as these only need a local representative and proof of liquidity.

The Securities and Commodities Authority ensures that forex brokers registered in the UAE are compliant and maintain fair and honest trading practices in order to protect traders and improve the financial markets in general.

With regard to foreign exchange companies in the UAE, the participants indicated that the number of companies operating in the country in this sector exceeds 60 approved companies.

Dubai will host the first session of the “WikiFinance EXPO 2022” exhibition for foreign exchange with the participation of more than 40 companies from 10 countries from the region and the world, and the attendance of about 10,000 participants, which is organized by “WikiExpo”, the exhibition management arm of the “Wiki Global” group, the international .

Charlie Sue, Marketing Director of the global company “WikiExpo” in the Middle East, North Africa and Europe, said: “Dubai is a global city that hosts vital financial sectors that have made it a destination for forex and cryptocurrency companies, and that the conference includes an exhibition of the most prominent companies operating in the sector from the region and the world.”

Su stressed that Dubai has a global reputation and financial infrastructure, as well as a sophisticated software and legal system, which have contributed to attracting a large number of retail forex brokers from all over the world.

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