A company called Binance Holdings will start selling its products to people who want to buy them in the first phase of its business in the city.
In the first phase of its business there, Binance Holdings, which is the largest crypto exchange by trading volume, will start selling its products to big institutions and to people who have the money to buy them in the first phase of its business. Richard Teng, the regional head of MENA, told Arab News.
Teng: “We want to be the platform that makes tools that help people use crypto more quickly and improve the freedom of money in the region.” He added that the company plans to serve more people by offering more products.
“It is a very new idea from the government of Dubai.” This plan recognises that crypto is very different from other types of assets like securities, digital tokens, and commodities, and it proposes a special framework that can help different parts of the value chain, manage risks, and support new ideas, he said.
Teng’s confidence doesn’t come from the way he was born. He has worked in the regulatory field for 20 years and knows the area very well. Six years ago, he was the CEO of the Abu Dhabi Global Market. Then, he became the regional head of one of the world’s largest crypto platforms in his region.
Teng says it’s good to know how much support Dubai has for things like innovation, crypto adoption, and blockchain development when you work with the country’s government. This is important because these things will be the foundations of many parts of the economy in the future.
Last week, the crypto exchange in Dubai got its official licence from the city’s Virtual Asset Regulatory Authority. This means that things look better. The company can now run and grow in the region under Dubai’s “test, adapt, scale” model for digital asset markets.
For the first time, cryptocurrencies have been in the news because they played a big role in the Russia-Ukraine war. The Ukrainian government raised a lot of money to fight the invaders, and it put a lot of attention on the tokens. As long as you had the Internet and a computer, you could do business.
“Cryptocurrencies will be the future of money and money services.” They play a big part in cross-border payments, says Teng, but it’s a big problem because the fees for making payments across borders are so high.
However, Binance wants to build a crypto-friendly ecosystem that is inclusive, transparent, and safe. When the company worked with the Dubai World Trade Center Authority last December, it made a great case for a public-private partnership in the digital world. To keep up the momentum in the Middle East, it is also hiring 100 people there.
As he said, “We are working with institutions to make sure that the next generation is ready for crypto, blockchains, and tokenomics.” Company: Soon, they’ll be teaching people in the region about how to trade in a safe way on the markets.
It’s also part of Binance’s effort to make people believe in the currency. It runs a fund called Secure Asset Fund for Users (SAFU) that protects customers in case of emergencies. There is now more than $1 billion in the fund that was set up in 2018. It doesn’t matter if anyone loses money because of something like hacking. The company will pay for that lost money.
It’s still not clear how many people are afraid of a decentralised world of finance and its high volatility. The time is coming when more mature businesses and countries start taking advantage of the crypto business and making money from it.
