Although the United Arab Emirates (UAE) is at the forefront of cryptocurrency and the blockchain campaign, there is little actual cryptocurrency activity. However, an agreement between the Al Zarooni Group and Crypto Bulls will launch the Crypto Bulls Exchange. The exchange becomes the first fully registered exchange in the Gulf Cooperation Council (GCC) region.
As Khaleej Times reports, Chairman Suhail Al Zarooni of the Al Zarooni Foundation represented the Al Zarooni Group. On the other hand, Shasha Gupta and Madhu appended their signatures as the Co-Founders of Crypto Bulls Exchange.
Crypto Bulls Exchange to Support Government Vision
According to Al Zarroni, the establishment of the exchange is a huge step in the right direction. Most importantly, there is huge support from the Government of the UAE. In April, the Government published a whitepaper outlining its blockchain strategy.
Dubbed Emirates Blockchain Strategy 2021, the initiative seeks to fully capitalize on blockchain technology to transform its service delivery. In particular, the aim is to transform 50% of government transactions into blockchain by 2021.
This is as ambitious as it sounds, but the Government says it is up to the task. As part of the initial phase, the Government is encouraging such businesses as the Crypto Bulls Exchange. With the exchange, residents will have the opportunity to get first-hand exposure to digital assets.
Interestingly, adopting blockchain technology for Government operations will be beneficial. By 2021, the UAE expects to save AED 11 billion in transactions on an annual basis. Further, the government will be able to use 398 million fewer printed documents annually since blockchain supports digital processes. Ultimately, the digitized processes will save the Government’s workforce approximately 77 million work hours on an annual basis.
Attracting Foreign Activity
In view of this, the country’s Securities and Commodities Authority is encouraging more businesses to set up up shop. According to Al Zarooni, the new cryptocurrency exchange’s strategy is within the government’s 2021 vision. Further, the exchange will use the opportunity to revolutionize the financial world, not only in Dubai.
On the other hand, Gupta believes that with the government’s support, the exchange will attract more foreign capital in cryptocurrencies. According to him, much of the world is crypto-averse. This could be a strategic opportunity for investors to get exposure to digital assets.
Gupta further says: “With support from the UAE government, Crypto Bulls will be able to attract huge foreign crypto investments from Asia and the Middle East. By 2018, the turnover of the crypto market will touch $1 trillion.”
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