Due to the UAE's monetary and digital infrastructure as well as the fact that the market is more stable at the moment, contributors to the "Wiki Monetary" convention, which began yesterday in Dubai, confirmed that the country can develop into a regional hub for brokerage firms engaged in the cryptocurrency market.
People stated that the UAE and Dubai had made significant progress in developing the blockchain networks that can be relied upon for digital currency trading, strengthening transparency in this developing industry and boosting consumer confidence.
They concluded that the UAE and Dubai market is a sizable and attractive market for cryptocurrency trading since it fosters the growth of businesses and draws intermediaries engaged in the industry.
They stated that the state wants to develop laws and regulations to protect the rights of sellers in this industry and ensure transaction transparency and that the circulation of cryptocurrencies within the UAE is increasing in anticipation of these developments.
Elite foreign exchange advisors participated in several working sessions and panel discussions at the convention where they discussed the most recent advancements and difficulties facing the global bitcoin market.
The consultants stated that with regard to "Foreign exchange," the Central Bank of the UAE, in conjunction with the Securities and Commodities Authority, has a set of provisions that were put in place with the intention of ensuring that foreign exchange brokers who present high-quality, truthful, and clear services.
They continued by saying that while there are over 8,000 brokers in the UAE, there are only about 1,000 foreign exchange retailers, which encourages development in this crucial industry.
They stated that in order to obtain a license for a foreign exchange business, the dealer must be domestically owned and have a minimum capital of one million to three million dirhams. However, this does not mean that foreign brokers are prohibited by the state; rather, they only need a local consultant and evidence of liquidity.
To protect retailers and improve the financial markets generally, the Securities and Commodities Authority ensures that foreign exchange brokers registered in the UAE are compliant and uphold honest and sincere trading practices.
According to the people interviewed, there are more than 60 authorized companies operating in the UAE that are engaged in foreign trade.
The "WikiFinance EXPO 2022" exhibition for international trade, which is organized by "WikiExpo," the exhibition management division of the "Wiki International" group, will hold its first session in Dubai with the participation of more than 40 companies from 10 countries in the region and the world, and the attendance of about 10,000 people.
"Dubai is a world city that hosts very important monetary sectors that have made it a vacation spot for foreign exchange and cryptocurrency businesses, and the convention includes an exhibition of essentially the most distinguished companies working in the sector from the area and the world," said Charlie Sue, the advertising director of the international company "WikiExpo" in the Middle East, North Africa, and Europe.
Su claimed that Dubai's international standing, financial infrastructure, stylish software, and legal framework have all helped to draw in a large number of retail foreign exchange brokers from all over the world.
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