Cryptocurrency exchange Bitay revealed plans to join the flourishing United Arab Emirates market. The Turkish-based trading platform continues to solidify its presence in the global marketplace.
Bitay Announces Strategic Expansion into the UAE’s Burgeoning Crypto Market
— CryptoBob (@CryptoBob_bot) August 31, 2023
Bitay has a Money Services Business certificate across sixteen states in the United States. Moreover, it exhibits an impressive portfolio of more than 350 tradeable assets.
Exploring the UAE crypto market
Bitay’s Niyazi Yilmaz stated that the company eyes expansion into the Middle East by creating a technology base in the UAE. The region remains lucrative for tech, considering its remarkable 99% internet penetration rate.
Besides the expansion plans, Yilmaz highlighted the AEDD, a United Arab Emirates-tied stablecoin. That confirmed the exchange’s belief in the burgeoning UAE cryptocurrency industry.
UAE’s attractive crypto landscape
The crypto market continues to flourish in Middle East, with the UAE’s licensed crypto businesses increasing by 400% since 2020. Bitay’s move represents a commendable step, showing the UAE’s dedication to ensuring an inclusive and mature cryptocurrency landscape.
🔹Between 2020-2022, the UAE had a 400% increase in the number of registered crypto businesses and still skyrocket in 2023🚀🔹This growth has led to a surge in virtual asset trading volume, approximately over 10% of the global trading volume in cryptocurrencies💰
— chriswu.stark | 💚🌙 (@BDeztiny) July 31, 2023
The United Arab Emirates has seen increased crypto dealings in 2023 as friendly policies attract leading firms, including Ripple, Tayze, Pulse Wallet, and Binance. Recently, Dubai introduced a specialized license to attract AI and Web3 innovations.
Meanwhile, Bitay differentiates itself in the competitive crypto space by prioritizing customer satisfaction. The exchange’s Bitay+ loyalty suite allows users to access customized campaigns, low commissions, and crypto staking with adjustable APR rates depending on the customer’s level.
Also, the platform revealed an upcoming ‘Advantageous 2nd Sales Period’ campaign to celebrate its Bitay Coin and mark its UAE entry. Bitay plans to democratize the expanding United Arab Emirates digital assets market.
The native token Bitay Coin has gained over 330% in its debut year, outshining established assets like gold, Bitcoin, Tesla, and Apple.
Source – Coinmarketcap
The United Arab Emirates continues to draw tech-savvy individuals and top players in the cryptocurrency world as it positions itself as a center for financial innovation. Bitay’s expansion into its market enhances the UAE’s robust crypto landscape.
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