Bitex, a crypto exchange, has been officially launched in the United Arab Emirates. The Dubai-based crypto trading platform will initially accept Bitcoin Cash, Bitcoin Core, Litecoin, and Ethereum. It is expected to start supporting other digital currencies in the days ahead. The exchange also announced the unveiling of a crypto wallet that is reported to offer a one-of-a-kind cash deposit service. People around the crypto society are taking this move quite positively. This will definitely open up more opportunities for crypto investors and traders living in the UAE.
The chief executive officer of the Bitex platform Monark Modi, said the platform will offer various payment options, including debit or credit cards and bank transfer. The cash deposit facility allows users to easily schedule a cash pickup, and their funds are immediately deposited in their accounts and ready for trading in a day, Modi further explained.
Modi believes that the recent modifications in the United Arab Emirates regulation will surely go a long way toward taking the UAE crypto market to the next level. He said now is the right time to capture the opportunity to announce an all-inclusive and secure trading platform.
He also stated:
‘’UAE residents have been calling out for more options to securely buy and sell digital currencies … while residents have been able to use international trading platforms for some time, having access to a local exchange is far more convenient. Trading via a UAE-based company allows customers to easily deposit local currency rather than first having to exchange it for a more widely-accepted currency.’’
In June, the regulator of Abu Dhabi Global Market, the Financial Services Regulatory Authority (FSRA), announced a framework for verifying digital assets and their associated activities. The framework deals with the potential risks linked with crypto transactions, including money laundering, alleged financial crime, technology governance and consumer protection. The guidelines have been seen as testament to the United Arab Emirates’ progressive attitude towards the use and adoption of blockchain and digital currency.
According to the sources close to the news, Bitex UAE has stated that it employs a multi signature HD wallet to keep digital currencies. The platform also has its own mobile app that users can use to trade on the go. It’s loaded with high-end, advanced charting tools that provide a hassle free trading experience. When it comes to security, the platform utilizes a three key system that helps fortify security and avoid potential frauds and scams. The first key is stored by the exchange, the second key is stored with its wallet partner, while the third key is a recovery key.
The United Arab Emirates is turning into a hotspot for cryptocurrency and blockchain adoption. Its blockchain strategy aims to see Dubai as a leader in the global technology. The country also has plans to launch its own digital currency by the year 2020.
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