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Cryptocurrency business began to massively open representative offices in Dubai amid stricter requirements in other jurisdictions
Cryptocurrency business is relocating to Dubai due to strict requirements and regulations in other countries. This is reported by the Financial Times (FT) with reference to representatives of the crypto business. It is reported that crypto exchanges ByBit, Crypto.com, FTX and Binance have already planned to move to Dubai.
As Binance CEO Changpeng Zhao stated in a comment to the FT, the Gulf state government has attracted crypto businesses with its “open mindset and business-friendly attitude.”
However, according to the FT, the enthusiasm of the authorities in Dubai is not dictated by “open mind”. The publication recalled that earlier the Financial Action Task Force on Money Laundering (FATF) placed the UAE in the “grey list” of areas of increased monitoring to prevent the flow of dirty money.
British and American lawyers and former regulators said in a commentary to the FT that a crypto business license issued in the UAE is likely to have little effect on the position of Western regulators demanding more oversight of crypto business.
- The editors previously reported that the crypto business was disappointed in Singapore, which at the start showed promise for the title of a crypto hub.
- As the media found out, out of 100 applications for a crypto license, the financial regulator of Singapore approved only three. Later, the largest bank in Singapore decided not to rush into crypto services at all.
- At the end of March, it became known that the crypto business also began to leave the UK due to unclear regulation.
- Companies have begun moving their operations overseas to be able to continue serving UK customers. In the role of mediators then called Croatia and Switzerland.
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