The Al Zarooni Group has partnered with US-based Crypto Bulls to launch the first registered cryptocurrency exchange in the United Arab Emirates, according to reports from Gulf Today and Asia Times. The parties have reportedly signed a memorandum of understanding for the venture, which will also involve collaboration with Gulf Coin Gold.
Al Zarooni Foundation Chairman Suhail Al Zarooni called the move a “game changer” for Dubai’s emerging fintech sector and predicted that it would generate more crypto investment interest for the UAE:
“This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs [companies] and investors are looking forward in Crypto & Blockchain Industry.”
Reports indicate that the exchange will offer Arab Emirate Dirham (AED) fiat trading pairs and allow traders to convert their digital currency holdings into AED.
The announcement comes as the UAE continues its efforts to become a leader in blockchain and cryptocurrency technology. The country has previously announced an ambitious plan to ensure that at least half of all government transactions take place on the blockchain by 2021 and is reportedly pursuing options for development of a state-backed cryptocurrency called Emcash.