South Korea-based crypto money exchange BithumbHas announced that it is expanding into the Middle East region by signing a licensed currency-crypto-money platform agreement in the United Arab Emirates (UAE).
According to a press release on Tuesday, the Bithumb crypto currency exchange signed a memorandum of understanding with the UAE-based Nvelop and became a partner for the crypto-money platform initiative. Nvelop was created by the Abu Dhabi-based E11 Investment Fund and the Asian-based venture capital firm Trill Ventures Group to fund the blockchain business in the Middle East and North Africa (MENA) regions.
With this new partnership, Bithumb said that it plans to increase its investments and services to the MENA region, including countries such as Saudi Arabia and Bahrain. The Abu Dhabi financial regulator FSRA issued a legal framework last June, stating that the crypto money exchanges should receive licenses and permits for service in this region. This legal framework limits the assets of the crypto money that can be used by the companies.
According to a statement from Bithumb today, the FSRA plans to offer crypto-money licenses from the first half of this year, and Bithumb's new platform will be available in mid-2019. Bithumb had launched the global bench-top (OTC) crypto-money platform with Bithumb Global, a Hong Kong-based subsidiary last week, and the growth is still continuing.
Bithumb Crypto Money Exchange Has Entered Middle East Region With New Partnership! Ali Emre KONAKÇI is the author of the article and published on koinbulteni.com.