Factors Responsible for the Recent Increase in Blockchain Activities in Dubai

Dubai is becoming a cryptocurrency and blockchain hub in recent times. Not many would have imagined that the city would attract such a massive wave of crypto and blockchain activities in the last two years. According to Chainanalysis report of June 2021, Dubai is now the third-largest cryptocurrency hub in the Middle East, after Turkey and Lebanon, hosting a plethora of crypto and blockchain activities. However, this has been caused by some factors. Some of the factors include: Increase in the number of cryptocurrency exchanges in the city Increase in the number of investors Steady blockchain roadmaps Possibility of creation of Central Bank Digital Currency Increase in the number of crypto start-ups Increase in the number of cryptocurrency dinners and meetups Zero tax on crypto earnings Increase in the Number of Cryptocurrency Exchanges LBank is one of the oldest cryptocurrency exchanges that has its headquarters in Dubai. It was founded in 2015 and is presently ranked on the 21st position in CoinMarketCap ranking of cryptocurrencies. It conducts over $1.792 billion transactions in the past 24 hours. Ever since then, other cryptocurrency exchanges like Binance, Bybit, FTX, Crypto.com, Kraken have also established regional headquarters in Dubai. Binance in December 2021 signed a Memorandum of Understanding (MoU) with the Dubai World Trade Center Authority (DWTCA) to operate a virtual asset hub. By March 2022, the exchange recei...