The Middle East openly expresses its desire to become a new cryptocurrency hub. Leading the way are crypto-friendly nations like the United Arab Emirates (UAE) and Bahrain. As a result, more exchanges are deciding to enter the local market. Bitget has become the latest one to do so.
The company has already initiated its operations in Dubai downtown by hiring 60 new people for mid and back-office roles.
Bitget Sets Sail for the Middle East
According to the data related to MENA's crypto adoption, the region stands as the fastest-expanding area in the crypto industry, accounting for 9.2% of global transactions during 2021-2022. The UAE alone witnessed a staggering 400% surge in registered crypto businesses within two years, thereby boosting global digital asset trading by 10%.
Concurrently, the region observed a threefold rise in blockchain-related educational programs, contributing to 8% of the mining hash rates. All of the above factors have led Bitget to decide to enter the local market and establish its office in Dubai, one of the emirates of the UAE.
“We hope to scale our Middle East team rapidly to support business growth, with between 30 to 60 hires over the next 2 years or more across the Middle East region,” Gracy Chen, the Managing Director of Bitget, commented on the development.
According to Bitget, new hiring will include various mid-office and back-office functions. Chen added that the crypto exchange is considering selecting Dubai as an operational hub for the Middle East market. Bitget is also dedicated to securing necessary licenses and regulatory approvals for its expansion, thereby facilitating the opening of regional offices.
Crypto Companies Move to Dubai
Bitget is not the only cryptocurrency company that has decided to launch its operations and establish a physical office in the UAE. Just under a month ago, another cryptocurrency exchange, Bybit, announced that it had obtained local licenses in Dubai to operate in digital assets. Previously, it had moved its global headquarters to the emirate.
At the same time, one of the largest cryptocurrency exchanges by volume, OKX, obtained a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA). Like Bitget, OKX plans to increase its employment in the region.
Binance is also looking towards the Middle East with increasing hopes. Although the local company, Binance Dubai has been operating for some time, it could become the main focus of the company's development in the face of regulatory challenges in Europe and the USA. According to Alex Chehade, the General Manager of Binance Dubai, the UAE could become the primary destination for cryptocurrency businesses seeking favorable and transparent regulations.
The local market might have a huge potential when it comes to a number of retail investors interested in trading. This is confirmed by data from the FX/CFD market, where the number of active investors is rising.
Bitget Scales Globally
Bitget's recent move to the Middle East is part of its ongoing global scaling. Prior to this, Bitget registered as a Virtual Asset Service Provider (VASP) in Polandand acquired a similar crypto registration in Lithuania. Following its launch in Turkey earlier this year, Bitget now operates a fully localized Turkish website, Bitget TR, serving local users.
Furthermore, Bitget has responded to the increasing need for digital lending solutions by introducing a new product called 'Crypto Loans.' This offering aims to cater to users who have been dissatisfied with the credit options provided by conventional banks.
In addition to the launch of Crypto Loans, Bitget has forged a strategic partnership with Fetch.ai, a blockchain platform specializing in artificial intelligence (AI). To support the development and expansion of the Fetch.ai ecosystem, Bitget has committed $10 million. This move aligns with the trend observed in numerous financial institutions capitalizing on the recent surge in the popularity of AI-powered language models like ChatGPT.
Bitget, founded in 2018, is a cryptocurrency exchange providing copy trading Trading services to over 8 million users across more than 100 countries.
This article was written by Damian Chmiel at www.financemagnates.com.
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