Bitay Exchange Taps into UAE’s Burgeoning Crypto Market  

Bitay is expanding to the UAE market with a goal of setting up its global headquarters in the Middle East.

Turkish man admiring a large cloud made out of coins above a UAE city.
Created by Gabor Kovacs from DailyCoin
  • Bitay crypto exchange is eyeing the UAE market.
  • The company seeks to set up a base.
  • UAE’s friendly crypto market continues to attract many.

To solidify its global presence, Turkish-based crypto exchange Bitay announced on August 31 that it is expanding to the United Arab Emirates (UAE).

Incepted through a Turkish government research grant, Bitay has grown to become one of the fastest-rising crypto exchanges in the industry, with a diverse portfolio of over 350 digital assets and a Money Services Business (MSB) license across 16 U.S. states.

Setting Up a Technology Base In the UAE

Bitay General Manager Niyazi Yılmaz revealed that the expansion will allow the company to set up its global technology base and blockchain strategy in the Middle East.

The UAE provides a stable regulatory environment for crypto exchanges. It will serve as more than just a market for Bitay; it will be our technology base, central to our global blockchain strategy,” Yilmaz said.

Technologically, the UAE has an impressive 99% internet penetration rate, with research firm McKinsey forecasting the region’s adoption of digital channels and spending to continue rising in the coming years.

In tandem with the expansion, the General Manager spoke about the AEDD stablecoin, which is pegged to the United Arab Emirates Dirham (AED), noting that it is a testament to the firm’s trust in the future of the UAE crypto market.

The crypto exchange is active in multiple regions, including Asia, Europe, Africa, and the Americas.

UAE’s Robust Crypto Landscape

The Middle East is among the fastest-growing crypto markets, with a share of around $25 billion in transactions, accounting for 7% of global trading volumes. Bitay’s entry is commendable, highlighting the region’s commitment to fostering a mature, all-in digital and crypto framework.

The region has experienced a crypto wave throughout the first half of 2023, with the friendly policies attracting the likes of Binance, Ripple, Tayze, and Pulse Wallet.

In other news, crypto-friendly bank Seba is winning in Hong Kong – read:

Crypto Bank Seba Secures Hong Kong’s Approval-in-Principle

Read how Binance seeks to solidify its presence in Japan:

Binance Eyes Swift Extension of Japan Edge by Tripling Listed Assets

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.