Blockchain data firm Chainalysis, has established a headquarters in Dubai for Southern Europe, Middle East, Central Asia, and Africa regions. The firm aims to deepen its support of the UAE’s global crypto hub push.
According to a local report, Chainalysis partnered with the UAE’s Ministry of AI, Emirates NBD, and other crypto stakeholders to help employees upskill on blockchain tech.
“The UAE government has spearheaded the crypto revolution with forward-focused regulations, and business-friendly policies,” Michael Gronager, CEO of Chainalysis noted. “At Chainalysis, we have been actively driving the maturity of the region’s crypto ecosystem in line with the latest developments across the globe.”
Further, the company has been involved with key government stakeholders to provide best practices for development of crypto regulatory framework.
The headquarters in Dubai will support other emerging crypto markets including India, Africa and Central Asia, the release noted.
“The company aims to recruit skilled professionals specializing in traditional finance, regulatory compliance, and Web3.0 technologies to operate from its Dubai headquarters,” it added.
The news comes after Emirates NBD appointed Chainalysis as a key council member of Digital Asset Lab. Chainalysis joined PwC, R3 blockchain, crypto transfer platform Fireblocks, as founding council member of the lab.
UAE’s Global Crypto Hub Ambitions
According to Chainalysis, the Middle East and North Africa (MENA) region boast nearly 7.2% of global crypto transactions volume, with the region receiving over $389.8 billion in yearly on-chain value.
As a result, major crypto players such as Binance, Kraken and OKX have all established a presence in Dubai.
Furthermore, the UAE has worked proactively to build a thriving industry, centered on cryptocurrencies. It has also proved to provide the regulatory guardrails required to protect an evolving ecosystem and attract investors. While other jurisdictions such as the US and UK adopted a ‘wait and see’ approach, the UAE stole a march.
All these factors collectively have favored the UAE to become a crypto hub poised for exponential growth.