Chainalysis sets up regional HQ in Dubai amid local crypto boom

Savannah Fortis10 hours agoChainalysis sets up regional HQ in Dubai amid local crypto boomChainalysis relocates its regional headquarters to Dubai, reflecting the UAE’s progressive stance toward blockchain technology.633 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe blockchain data and analytics company Chainalysis has moved its regional headquarters to Dubai following close cooperation with the local government. 

On May 8, the company announced the inauguration of its headquarters for Southern Europe, the Middle East, Central Asia and Africa in Dubai.

According to the announcement, the analytics firm has been “actively engaging” with local government stakeholders to offer advice on best practices for regulatory development in the crypto industry that drive innovation.Chainalysis is officially in Dubai ! After 3️⃣ years of working closely with UAE’s public and private sectors, the opening of our regional headquarters only strengthens our commitment to supporting UAE’s crypto ecosystem, and advancing its vision to be a global crypto hub. pic.twitter.com/1NRG2f4bWX— Chainalysis (@chainalysis) May 8, 2024

This has included a partnership with the United Arab Emirates’ Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications to create an excellence center for government employees to “upskill” their knowledge and prowess on blockchain technology. It has also set up a Centre of Excellence that helps government employees upskill in blockchain technologies. 

Two days prior, on May 6, Chainalysis entered into a memorandum of understanding with Emirates NBD, through which it said it would support the banking leader’s Digital Asset Lab program.

Michael Gronager, CEO of Chainalysis, commented that the UAE government has “spearheaded the crypto revolution” with its crypto-related policies. “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.”

Cointelegraph reached out to Chainalysis for additional information on the development. 

Related:Chainalysis will help Tether monitor secondary market for illicit activity

This regional headquarters will allow the company to support emerging markets, such as India, Africa and Central Asia. Nicola Buonanno, Chainalysis’ vice president of Southern EMEA, said the UAE market is at a “tipping point,” with institutional-sized transfers now accounting for the “lion’s share” of the country’s crypto activity.

Buonanno said that, therefore, the need for investigating the local industry for better compliance, market intelligence and data solutions is “greater than ever.”

Chainalysis is just one of the many crypto and Web3-related companies that have decided to call Dubai home in the last year. An increasing number of firms within the industry have been applying for licenses and setting up shop in the Middle Eastern technopolis. 

On April 18, Binance reportedly received its long-awaited license to operate as a cryptocurrency exchange in Dubai.

More recently, on May 7, in Dubai’s sister city Abu Dhabi, crypto options desk QCP Capital received its in-principle approval to offer regulated digital asset activities in the region.

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