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- Cryptocurrency is observed getting more mainstream attention in the Middle East
- Some Middle East governments are seeking to stay ahead of the curve and embrace digital assets
- Several frameworks are being introduced in the Middle East that allows entrepreneurs and firms to thrive
- Ola Doudin of BitOasis believes that regulation is mandatory
Cryptocurrency has gained mainstream importance globally since last year. Following tremendous profits, several around the world are seeking to acquire some type of digital assets. Recently it has been revealed that the countries in the Middle East are beginning to see the significance of adopting digital currencies. Such countries noted that virtual currencies are gaining ground constantly amid the global COVID-19 pandemic. The soaring prices in the crypto market and the increments in market capitalization are the main factors attracting more attention.
Cryptocurrency sees promising progress in the Middle East
Ola Doudin, the Chief Executive Officer of the BitOasis, has recently spoken to the Arab News. The session focused on the importance of cryptocurrency adoption.
In the session, Doudin revealed that crypto assets had been promising progress in the Middle East. Some of the governments in the region are putting their efforts into staying ahead of the curve and embrace the potential technology that can transform our global financial world.
Moreover, several frameworks are being introduced in the Middle East that allows entrepreneurs and firms to thrive.
BitOasis saw positive financial results
In the first half of this year, BitOasis has observed some positive financial reports. The financial results of the firm include trade volumes that surpassed $3 billion. Moreover, the firm has witnessed a 200% of increment in terms of its user base.
The cryptocurrency firm mentioned the acquisition of its regulatory licenses from the Abu Dhabi Global Market as a Multilateral trading hub. According to Doudin, the firm is actively in talks with some of the financial regulators and trying to transfer their knowledge as much as possible.
Ultimately, the firm seeks to acquire regulatory licenses when it’s the right time to do so. Hence, the firm is in constant communication with the agencies.
Doudin lays emphasize on regulator’s working
Acknowledging the regulations in the cryptosphere is quite challenging. According to Doudin, the cryptosphere is evolving at lightning pace. Every month, the crypto community witnesses a new application, new technology, and innovations.
Additionally, Doudin emphasized the work of financial regulators and cryptocurrency practitioners. She also observed the outcome that would be generated if they all worked together. According to Doudin, regulations play a critical part in the growth of the digital assets industry. Moreover, she believes that regulations are mandatory.
She further stated that regulations are not basically a question of should or should not. It should be when we are going to regulate the industry. Hence, there is no option because cryptocurrency plays an integral part in financial services. However, the digital currency will continue to play a significant part in transforming the financial ecosystem.
