Cryptocurrency exchange platform, Bitex UAE, recently set up in the United Arab Emirates, in addition to the launch of a cryptocurrency portfolio together with a trading platform.
Cryptocurrency Wallet and Trading available in the United Arab Emirates
Second Trade Arabia, digital currency exchange platform, Bitex UAE, incorporated in the United Arab Emirates (UAE). The trading platform has also launched a virtual currency portfolio and a trading platform for its clients in the Middle East country.
The new customers of the company can buy, sell and exchange multiple virtual currencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH). In addition, customers can transfer fiat currency through various options such as bank transfers, credit cards or debit cards.
According to the CEO of Bitex UAE, Monark Modi, recent developments in the country regarding cryptocurrency, have encouraged him to introduce trading services in the United Arab Emirates. In addition, Modi said:
I believe that the launch of Sheikh Hamdan's UAE Blockchain Strategy 2021 bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and president of the Executive Council, has laid the groundwork for digital resources to become more accessible in the UAE.
Welcome to Bitex UAE, a professional and safe based in Dubai #TradingPlatform facilitating the purchase and sale of #DigitalCurrencies including #Bitcoin, #Ethereum, #Litecoin is #BitcoinCash.#BitexUAE pic.twitter.com/njNL6NIrak
– Bitex (@bitexuae) 29 August 2018
Still commenting on the company's recent move, Modi said that the Emirates were looking for more options to buy and sell cryptocurrency. The CEO also said that residents prefer to deal with local exchanges. In addition, a company based in the United Arab Emirates offers customers access without trade restrictions and may also deposit local currency.
The platform also offers security for customers, as it uses a multi-signature HD portfolio to store cryptocurrency. With its three-key system, the platform saves the first key, its portfolio partner stores the second, while the third acts as a recovery key. According to Modi, the three-key system of the platform guarantees the protection and security of customer funds.
Bitex UAE's mission is to become one of the leading virtual currency platforms offering maximum security in the Gulf Cooperation Council (GCC) region. Ways plans to spread to other GCC countries in the future.
Widespread adoption of cryptocurrency in the United Arab Emirates
The United Arab Emirates is undoubtedly one of the leading countries in the Middle East when it comes to cryptocurrency and the adoption of blockchain technology. However, while trying to create a friendly atmosphere, the country also seeks to protect investors.
In October, the Middle Eastern country announced plans to introduce ICOs in 2019. According to the country's security authority, this would provide the industry / businesses a new way to raise funds.
The global Abu Dhabi market (ADGM) in June also issued guidelines on virtual currency to regulate cryptocurrency activities. The regulatory framework addresses, for example, issues such as money laundering, consumer protection.
In addition, Dubai, one of the major cities adopting the cryptocurrency in the Emirate, has partnered with the payment company blockchain, Pundi X. With this collaboration, Dubai residents could use emcash, its digital currency, to public services, payments of invoices and retail purchases.
Images kindly provided by Shutterstock and Twitter (@bitexuae).