PayBito CEO UAE Virtual asset licenses to attract crypto companies

PayBito, digital assets crypto exchange CEO, Raj Chowdhury, believes that the issuance of virtual asset licenses in UAE will attract global crypto institutions. He made these comments in a post embracing the UAE's decision to provide government licenses to crypto service providers.

He talked about the usefulness of the hybrid license requirement in assisting with the legitimization and improvement of the public’s impression of crypto exchanges. “The issuance of virtual asset licenses in the UAE will attract global crypto institutions, propelling the region into a crypto development hub”, the PayBito CEO said.

Already global crypto exchanges such as Binance, and FTX have received preliminary licenses from Dubai’s Virtual asset regulator. In addition other global crypto exchanges such as Nexo have expressed that they are seeking a license too.

He added, “The UAE government came to the resolution after undertaking a crypto risk assessment featuring 12 public and 16 private financial agencies. Also, proper crypto regulation instead of an outright ban is a better solution for preventing illicit money laundering through virtual assets. The hybrid feature of the upcoming regulation will involve two tasks. To start things off, the UAE SCA will regulate the virtual currency sector in collaboration with the country's central bank. In addition, the government is also looking forward to regulating crypto mining.”

Chowdhury runs both a crypto exchange and HashCash Consultants, a blockchain development firm. His interest in Dubai’s new virtual asset law could entail a submission for a license as well.