May 26, 2023

Middle East, Asia Solidify Positions As Global Crypto Hubs – Experts

Qatar Economic Forum

Qatar Economic Forum

Crypto experts said the Middle East and Asia are solidifying their positions as global crypto hubs thanks to their appropriate regulations, Cointelegraph reported.

Ola Doudin, the co-founder and executive chairman of BitOasis, was speaking during the 2023 Qatar Economic Forum, saying that the Middle East and Asia take the lead in developing appropriate and innovation-friendly regulations that maintain overall regulatory and compliance features. Doudin cited the futuristic approach taken by the UAE, Hong Kong, Japan, and Europe in the crypto industry.

Meanwhile, Yat Siu, the co-founder and CEO of Animoca Brands, noted that the United States loses its lead in the crypto sector, elaborating that cryptocurrency is one of those few areas of technology in which the United States may willingly relinquish its former leadership.

Siu explained that countries would no longer rely exclusively on American technologies, especially with the emergence of Web3-related technologies, adding the US cannot be completely excluded as although it may lag behind the current scene, it will become a force to be reckoned with if it decides to return to the arena. He thought that it could happen within 18 to 24 months.

For her part, Doudin welcomed new competitors, saying more competition means greater growth in the market, which could lead to better regulations and attract more international players. She said:

According to her, the crypto industry would not be able to grow without an appropriate approach being adopted by the relevant regulators, as clear regulation plays a crucial role in gaining the trust of customers, regulators, and industry partners.

Earlier, during the Dubai Fintech Summit, prominent crypto leaders praised the UAE digital infrastructure as ideal for the prosperity of the crypto industry.

Co-founder of venture-building firm Crypto Oasis Saqr Ereiqat said the UAE took over the US position in the crypto industry as it followed a more proactive approach to regulating crypto, attributing the ideal environment for the crypto in the UAE to digital and regulatory infrastructure and its ability to attract a global pool of talent.

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