The United Arab Emirates (UAE) and Dubai are amid the friendliest jurisdictions for the cryptocurrency industry, according to Stephen Stonberg, CEO of Bittrex Global crypto substitution.

Dubai is likely to benefit from the expanding crypto market in the Middle East as local regulators increasingly have blockchain-related technologies, Stonberg said in a Lord's day Bloomberg interview.

The UAE and Dubai are "doing all the correct things and they're going to attract a lot of regional projects" in the cryptocurrency industry, Stonberg said. He stated that these jurisdictions provide a "keen place" to set upwards a token projection or run a cryptocurrency commutation, largely thanks to the region's status as a tax haven.

According to information from the Tax Justice Network, the UAE became one of the world's largest fastest-growing tax havens in March 2022 alongside Switzerland and Bermuda.

"I think Dubai is going to practice fantastically well," Stonberg said, adding that Bittrex now expects further expansion and more clients in the region. Bittrex Global is a global crypto trading platform for the Bittrex exchange, one of the largest crypto exchanges in the United States.

The global exchange was officially launched in September 2022 and is headquartered in Liechtenstein. Concluding year, Bittrex Global received a digital asset license to operate its crypto substitution nether the supervision of the Bermuda Budgetary Authority.

Related: Crypto is no longer in the early adoption phase, Bittrex Global CEO says

The UAE has been cementing its presence in the digital asset industry recently, with Government minister of Economy Abdulla Bin Touq Al Marri declaring in April that cryptocurrencies and asset tokenization will be key to the state's plans to double its economic system in ten years. In July, the UAE joined the global fundamental bank digital currency (CBDC) race.

The Dubai Financial Services Authority, the fiscal regulatory agency for the Dubai International Fiscal Centre, too initiated several crypto-related regulations this year, intending to prefer a ​​regulatory framework for diverse digital assets in 2022.