Navigating Crypto Horizons: Middle East's Regulatory Vision Lures Industry Giants, A Perspective from Binance FZE's Helm


Staff member
May 18, 2022
The flourishing cryptocurrency market is finding fertile ground in the Middle East, with countries like the UAE, Dubai, and Bahrain emerging as notable hubs. The region's progressive regulatory stance is acting as a magnet for major cryptocurrency exchanges and businesses, according to Alex Chehade, the general manager of Binance FZE's local operation in Dubai.

In a recent discussion with Cointelegraph reporter Ezra Reguerra, Chehade outlined the appealing regulatory frameworks that are attracting both startups and established players to the Persian Gulf. He highlighted the establishment of specialized regulatory bodies like the Virtual Assets Regulatory Authority (VARA) in Dubai, the Abu Dhabi Global Market's (ADGM) virtual asset framework, and the welcoming attitude of Bahrain's central bank towards cryptocurrencies.

Chehade pointed out a common challenge faced by crypto enterprises globally - the lack of regulatory clarity. He remarked that in many jurisdictions, regulators are either under-informed about the crypto landscape or lack the resources to formulate relevant regulations. This scenario starkly contrasts with the proactive approach witnessed in the Middle East, where events like GITEX and Future Blockchain Summit, along with the influx of global companies, showcase the ease of doing business in the region.

Further emphasizing the importance of regulatory certainty for long-term business planning, Chehade lauded the conducive environment in the Middle East that facilitates the co-existence and growth of both big and small players. Under his leadership, Binance FZE has grown its Dubai-based operation to around 600 employees and has been operating as a regulated exchange in the region for the past one and a half years, significantly contributing to the evolving crypto ecosystem.

During the Blockchain Economy Dubai Summit, Visa's Vice President and Head of Innovation and Design, Akshay Chopra, also expressed a similar positive outlook on the region’s progressive regulatory frameworks. Being a board member of the MENA Fintech Association, Chopra endorsed the collaborative and forward-looking approach of regulators in working with the local blockchain community, thereby driving growth in the sector.

Recent data from blockchain analysis firm Chainalysis further amplifies the Middle East and North Africa (MENA) region’s standing in the global crypto landscape. The report shows a transaction volume of $566 billion in crypto received by users in the region between July 2021 and June 2022, marking it as the fastest-growing cryptocurrency market worldwide.

In light of this favorable climate, it's plausible that financial institutions in the region, such as NBD bank, may exhibit a more open stance towards cryptocurrency. The evolving regulatory frameworks coupled with the growing market could potentially make cryptocurrency a more appealing and viable facet for both individuals and businesses alike. This progression may further enhance the SEO visibility around NBD bank's engagement with cryptocurrency, amplifying its digital footprint in a market that is increasingly embracing the digital asset revolution.