Chainalysis, a blockchain data and analytics company, has recently announced the opening of its regional headquarters in Dubai in Southern Europe, the Middle East, Central Asia, and Africa.
The company has been working closely with the local government to offer advice on best practices for regulatory development in the crypto industry, which would promote innovation. Chainalysis has partnered with the United Arab Emirates’ Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications to establish an excellence center for government employees to enhance their understanding and expertise in blockchain technology.
Additionally, the company has set up a Centre of Excellence to train government employees in blockchain technologies. In another development, Chainalysis signed a memorandum of understanding with Emirates NBD, which would support the banking leader’s Digital Asset Lab program.
Michael Gronager, CEO of Chainalysis, said that the UAE government has “spearheaded the crypto revolution” with its crypto-related policies, noting: “The true potential and value of cryptocurrencies lies in their ability to transfer value, and we’re seeing an upward trend of overall transfer activity… the UAE is strongly positioned to lead innovation with novel use cases that deliver tangible value to consumers and businesses.”
An increasing number of crypto and Web3-related companies have chosen Dubai as their home in the last year. One of these companies is Chainalysis. Nicola Buonanno, Chainalysis’ vice president of Southern EMEA, said that the market in the UAE is at a “tipping point,” with institutional-sized transfers now accounting for the majority of the country’s crypto activity. As a result, the need to investigate the local industry for better compliance, market intelligence, and data solutions is “greater than ever.”
Binance reportedly received its long-awaited license to operate as a cryptocurrency exchange in Dubai on April 18. Additionally, on May 7, in Abu Dhabi, QCP Capital, a crypto options desk, received its in-principle approval to offer regulated digital asset activities in the region.