The UAE’s pro-business policies and booming crypto adoption are drawing more global crypto industry players to the country, with Seychelles-based Bitget, billed as the world’s largest crypto copy trading platform, looking to build a globally advanced regulatory-compliant exchange service from the Gulf country.
UAE’s recent move to offer a safety net for high-stake ventures, with Dubai Insurance tying up with Hong Kong-based OneDegree to offer ‘digital asset insurance’ to crypto businesses is cited as the latest pull for more international players to enter the country, industry insiders said.
“We strongly believe that the Middle East will play a pivotal role in shaping the future of the global digital asset industry,” Gracy Chen, Managing Director of Bitget, told Arabian Business.
“The latest commercial liability insurance cover for digital asset firms in the region is a masterstroke as it will create an extra layer of safety for the entire digital asset ecosystem and prove beneficial for all the relevant stakeholders of the industry,” she said.
Chen said UAE’s sharp focus on innovation, security, and compliance has positioned the country – as well as the Middle East – as a fertile ground for Web3 innovation which has prompted global digital asset firms to make a base in the region.
“Right now in the UAE market, we’re looking to explore in order to become more compliant as an exchange service for users globally,” Chen revealed.
The venture plans to scale its Middle East team rapidly to support its business growth, with new hires across the region.
UAE scores with its advanced regulatory framework for crypto industry
Chen said Bitget decided to zero in on the UAE to build a global business as it was actively seeking out the best jurisdictions with better regulatory clarity for licenses and registrations in the space.
“This move is not just about business, it is about our core values, which rest on advancing blockchain and crypto adoption worldwide, as we strongly believe that UAE regulations have been extremely progressive with a focus on fostering innovation while safeguarding against risks,” she said.
Chen, however, said currently, regulations vary between federal and Emirate levels. “It would be great to have a more homogeneous policy structure for the entire region.”
She said Bitget takes regulations and ethos as the foundation for growth of any company.
“We have mandatory KYC on the platform. We’re committed to serving our users globally by following respective regulations.”
The Bitget top honcho’s assessment about the UAE market is backed up with the country’s strong performance, with market studies showing the country registering a whopping 400 percent growth in the number of registered crypto businesses between 2020 and 2022, leading to a surge in global digital asset trading, accounting for 10 percent of the global volume.
Bitget draws up ambitious Middle East expansion plans
Bitget’s foray into the UAE followed the company launching its operations in Turkey earlier this year with the BitgetTR platform.
“Since our plan of expansion in the Middle East this year, we want to build foundations by hiring locally to provide more crypto exposure,” Chen said.
In line with its ambitious expansion plans in the UAE – and in the wider Middle East region – Bitget recently launched its Arabic website and application to provide smoother communication to our Arabic-speaking audience.
“This goes hand-in-hand with our team’s plans of creating a seamless ecosystem of crypto products for users locally.
“We’re also working on improving and personalising the platform according to the regional requirements. Our team is exploring blockchain and crypto projects in the MENA region to support home-ground projects for listing and providing more exposure to Middle Eastern founders and products,” Chen revealed.
She said the company has set aside a $410 million protection fund to ensure its users’ interests and also built a tool for users to validate that their stored assets on the platform are safely deposited in Bitget’s ‘Proof-of-Reserves’.
“Additionally, in response to the increasing demand for online trading platforms in the various markets, we are taking steps towards licensing, as the global regulation of digital assets is advancing on a daily basis.
“Ultimately, our goal is to support the development of a truly global crypto ecosystem, with innovation and investment opportunities across different regions and markets. We are excited to be at the forefront of this industry and look forward to driving innovation and growth in the years to come,” Chen said.
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