While the partnership between Al Zarooni Group, Gulf Gold Coin and Crypto Bulls is making headlines with the launch of Crypto Bulls Exchange (CBX), the fact is, the latter is not a new company. It is just new to the United Arab Emirates (UAE) crypto exchange market. CBX was founded by Sasha and Madhu Gupta, two Indian entrepreneurs.
The exchange was designed to serve crypto markets across the Middle East and Asia. With the capacity to process over one million transactions per second, CBX also uses the latest anti-hacking technology to ensure privacy and security. Presently, the exchange serves over 200,000 users from across the world and with each passing day, it is taking in more customers. By the end of 2018, CBX is expected to have a turnover of $1 million.
Crypto exchange CBX will be the first exchange to provide UAE dirham as one of the trading pairs on its platform. The exchange is designed in such a manner that even novice traders find it easy to use. CBX has apps for iOS and Android mobile devices as well as a comprehensive web portal for the ease of users. The systems can be easily upgraded and are scalable as well.
Chairman of the Zarooni Foundation Suhail Al Zarooni and the aforementioned co-founders of Crypto Bulls facilitated Crypto Bulls Exchange’s venture into the UAE market. As the UAE government is positioning itself to adopt cryptocurrency technology, the Ruler of Dubai, Sheikh Mohammed bin Rashid and the Prime Minister of the UAE have initiated and proposed a new project by the name of UAE Blockchain Strategy 2021, as reported on Bitcoin Exchange Guide.
Just like in other parts of the world, the legal apprehension and impact of cryptocurrencies and crypto exchanges in the UAE are still in their budding phases. While the Central Bank of the UAE’s Regulatory Framework for Stored Values and Electronic Payment Systems prohibited all virtual currencies, Saudi Arabia and the UAE have recently made public their plans of implementing their own cryptocurrency to be used and regulated in the region. The UAE is investing immense energy, huge resources and great talents to address the reality of virtual currencies while defining a common regulatory framework, as reported by Khaleej Times.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]