UAE to have 1st licensed crypto exchange soon

dubai — The Global Crypto Offering Exchange (GCOX) on Wednesday signed a memorandum of understanding (MoU) with Bin Zayed International to expanding its celebrity token footprint to the Middle East,

The new strategic partnership, which was signed during the Future Blockchain Summit in Dubai, paves the way for the launch of UAE’s first fully-licensed celebrity tokens crypto exchange.

“With the global crypto market predicted to be worth over $6 billion by 2025, and the rate of adoption expected to grow exponentially in the coming year, the importance of capitalising on the enormous potential for growth and blockchain development cannot be understated,” said Sir Dr Jeffrey Lin, chief executive officer of GCOX.

“The UAE government, which announced last month that over half of all federal transactions are expected to be powered by blockchain technology by 2021, is at the forefront of this trend, making this partnership with Sheikh Khaled Bin Zayed Al Nahyan a significant milestone for us and the industry as a whole,” he added.

Dr Lin’s view was echoed by Sheikh Khaled bin Zayed Al Nahyan, who is also the chairman of Bin Zayed International.

“Through this strategic partnership with GCOX, I am committed to push the frontiers of financial services further, accelerate the mainstream adoption of blockchain and aim to create UAE’s first fully-licensed token exchange in Dubai,” said Sheikh Khaled.