Chainalysis sets up regional HQ in Dubai amid local crypto boom

The NFT Unicorn be886f6b-1a55-4f35-b4f2-8f5fec935d65 Chainalysis sets up regional HQ in Dubai amid local crypto boom Crypto News

The blockchain data and analytics company Chainalysis has moved its regional headquarters to Dubai in the United Arab Emirates (UAE) after 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.

This has included a partnership with the UAE’s 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. They have 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 government in the UAE 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 therefore, the need for investigation into 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, the crypto options desk QCP Capital received its in-principle approval to offer regulated digital asset activities in the region.

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Source: Cointelegraph