INSUBCONTINENT EXCLUSIVE:
UAE and Singapore are turning into crypto hubs as many exchanges are moving baseUncertainties over cryptocurrency regulation in India could
well be a boon for countries looking to broaden their crypto network
Singapore and the United Arab Emirates, in particular, appear to be on the path to turning into the new crypto hubs of the world with
several Indian exchanges looking to move base from India
The scramble for cryptocurrency exchanges to shift base gained pace after the Central government's 30 per cent tax proposal on all virtual
And, making most of the regulatory uncertainties are countries like Dubai and Singapore that are doing their best to woo crypto buyers.As
per a report by Bloomberg, by the end of the first quarter this year, the UAE is all set to issue federal licenses for virtual asset service
cryptocurrency exchanges in terms of daily trading volume, also held discussions with UAE regulators for a potential headquarters in the
As one of the world's fastest-growing crypto markets, UAE is the third in the Middle East after Turkey and Lebanon
In late December 2021, Binance struck an agreement with the Dubai World Trade Centre Authority (DWTCA), which is establishing an
international virtual asset ecosystem
The agreement makes Binance one of the first cryptocurrency exchanges to join the DWTCA's new crypto centre.Binance, in a statement, said
And Singapore has already caught the attention of Binance Holdings, to set up a base in the country.And, the change has begun
Ethereum scaling platform Polygon has shifted most of its operations to Dubai and USA
It was originally located in Bengaluru
During the budget announcement this month, Finance Minister Nirmala Sitharaman announced that earnings from cryptocurrencies and
non-fungible tokens (NFTs) will be placed under India's highest tax band of 30 per cent
This coupled with ambiguity around crypto regulations could help Dubai and Singapore be viewed as safer bets where the rules are clearer and
