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The agreement follows a recent announcement establishing DWTCA as the comprehensive zone and regulator for virtual assets and reflects Dubai’s continuous efforts to adopt advanced technologies, especially in the fintech sector.

Bittrex is one of the largest cryptocurrency exchanges in the world, responsible for $7.7 trillion crypto exchange volume in 2021, while the daily trading volume is around $80 billion, and the number of users is estimated at 28 million.

Helal Saeed Almarri, Director General of DWTCA, said: “Innovation is a byword for Dubai and this ‘Future-Economy’ environment is designed to catalyse collaboration, stimulate innovation and most importantly assure protection. In line with Dubai’s vision for a fully digital and inclusive society, this world’s first specialist authority is Dubai’s active response to the industry’s call for SuP'p0RT – so that service providers, technology enablers, and governments can co-create the next generation ecosystem for the global Virtual Asset Economy.”

“DWTCA’s agreement with Bittrex to be one of the anchors in this new ecosystem is a pioneering move that aims to strike a balance between value creation and risk mitigation, prioritising equal investment enhancement opportunities for society while protecting the most financially vulnerable as priority.”