As the United States continues to engage in legal disputes with various crypto exchanges and companies, other nations have shown interest in adopting crypto-friendly policies.
Governments, especially from the Middle East, have been making new laws that position them as the next major cryptocurrency hub. Many crypto companies are responding to this new gesture, as we have seen several of them start moving their branches and even their headquarters to countries in the Middle East. So something recently happened, and it might change the crypto landscape forever.
One of the most popular crypto exchanges, Bitget, decided to take things a bit higher when they announced with joy their new offices in Dubai. Apparently, a lot of work has been going under the radar, as the new branch already has more than 60 people working the crypto exchange there in Dubai.
If there are any questions about the move being too early, it seems Bitget won't be there to answer. They have already set sail and will go on an adventure/ discovery in the Middle East.
Bitget Planning a Massive Expansion for the Middle East
Bitget Dubai's office address is Downtown, but the company CEO has already confirmed the Middle East swoop they are planning. By now, it should be common knowledge of the crypto-friendly relations the Middle East establishes in its policies and laws.
Checking their data, one could see why they are creating a crypto-friendly environment. Like the crypto companies, their economy has benefited from the crypto expansions. Within two years, the United Arab Emirates has seen its registrations in crypto businesses increase by a whopping 400%. In the same way, their global digital asset trading has increased by more than 10%.
Gracy Chen, the Managing Director of Bitget, didn't hold back as she highlighted their plan of reaching every nook and cranny of the Middle East after Dubai. It is already looking like their new branch is just the starting point.
"We hope to scale our Middle East team rapidly to support business growth, with 30 to 60 hires across the Middle East region over the next 2 years or more. New team members will include various mid-office and back-office functions. We may consider selecting Dubai as an operational hub for the Middle East market. This move is not just about business. It is about our core values, which rest on advancing blockchain and crypto adoption worldwide," she said.
More Crypto Companies Moving to the Middle East
It's well known that cryptocurrencies have gained popularity in the Middle East, rapidly becoming a hub for the tech industry, akin to Silicon Valley. Bitget is just one of many crypto companies moving into the region, with several others already established in Dubai before Bitget's arrival.
Some aren't only establishing branches and moving their entire headquarters to Dubai. With how things are going, crypto firms like OKX, Bybit, and now Bitget might fight for the best crypto exchange in Dubai. The largest crypto exchange, Binance, plans to move to the country.