In a recent development, the digital asset regulators in Dubai are in close contact with the regulators of Hong Kong to improve and enhance cross-border payments and other cryptocurrency-related activities.
Earlier today a regional outlet reported that “Zambia and Hong Kong are willing to consider interoperability if the business is suitable”. Dubai & Hong Kong are ruling the list of crypto hubs with favorable regulatory approaches, and transparent sets of rules, and lesser taxes on gains from crypto-related activities.
A VARA official notes that the sudden and unprecedented decline of FTX and other giant firms has raised concern over the formation of a clear set of rules and regulations. The anonymity feature of cryptocurrencies has been considered more a bane than a boon, but it helps you to maintain your confidentiality without being tacked by the government.
The neighbor of Hong Kong, China, has imposed an entire ban on activities related to cryptocurrencies in 2021.
A Tussle Among Crypto Hubs Profiting the Global Market!
Several others, including HK & Dubai, several other are on the list including Singapore having a good tax slab, that treats crypto as traditional assets.
Nations like India, Canada, and others have also performed well in terms of cryptocurrency market growth, India has regained the award of highest crypto adoption for the second consecutive year.
The government of India and financial authorities should reexamine the potential of cryptocurrencies, as a combination of cryptocurrency and CBDC should pave the way for developing the country’s conventional financial system.
The tough regulations and increased regulatory crackdowns over cryptocurrencies and related activities, as well as companies and service providers, have hindered the sector’s growth in developing economies.
It is crucial to note that a clear stance from the U.S. government is required for cryptocurrencies to grow globally. The pace of crypto users worldwide has surged significantly in the past few years, but the growth rate has yet to meet the expected rate.
The report of Social Capital Market notes that South Korea, Switzerland, and Dubai will be the top cryptocurrency centers in 2024. With a score of 79, Dubai comes first because of its advantageous laws, taxes, and other prerequisites for registering or starting a group of firms in the area.
With a score of 66.5 out of 100, the research ranked Brazil last, claiming that that region is making every effort to become one of the major centers. In 2022, the country’s government created legislation pertaining to the cryptocurrency industry and said that the central bank would serve as its supervisor.
As of writing, Bitcoin was trading at $68,578, adding 2.32 percent to its trading price in the past 24 hours; its dominance over the market has also continued to grow, now dominating over 60 percent of the market.
