Despite deepening doubts concerning cryptocurrency in the West, the Middle East is buying in:
The Bahamas-based cryptocurrency exchange FTX announced today that it has received regulatory approval to operate in Dubai [United Arab Emirates (UAE) capital]. FTX’s Middle East subsidiary FTX Exchange FZE, can now conduct virtual asset exchange services in Dubai’s program under the United Arab Emirates’ Virtual Asset Regulatory Authority, FTX said in a press release. [AL-Monitor]
While my wildest concerns with regard to cryptocurrency, that it’s a way to strip money from users who necessarily invest in it, seems to be unjustified paranoia, it’s hard not to read the above and nod. Why? These days it’s almost background noise, but the truth of the matter is that there’s a great deal of wealth in the Middle East, ranging from the fluid of wealth – no, not oil, but paper, gold, credit, and increasingly digital assets – to the engine of wealth – minerals and other tangible sources of wealth, such as, yes, oil.
And hyenas run to the source of sustenance.
So in UAE we see a country increasingly opening up to an unregulated currency that they also do not control. Maybe nothing will go wrong.
Or maybe the hyenas are circling and waiting for an opening. Hyenas are known to take down lions. And UAE is known to be a rich lion.
