BITAY Coin

<p>Turkey’s Bitay, a cryptocurrency exchange headquartered in Istanbul, has taken the decision to enter the United Arab Emirates (UAE) market.</p><p>The company announced the development via a press release<a href="https://www.businesswire.com/news/home/20230831840755/en/Bitay-Announces-Strategic-Expansion-into-the-UAEs-Burgeoning-Crypto-Market" rel="noopener noreferrer nofollow"> published</a> on Thursday.</p><p>Bitay General Manager Niyazi Yilmaz expressed his satisfaction in having made the move, stating: “The UAE provides a stable regulatory environment for crypto exchanges. It will serve as more than just a market for Bitay, it will be our technology base, central to our global blockchain strategy.”</p><h2 id="header-0">Government-aided kickstart</h2><p>Bitay sprang to life in 2018 following the award of a research grant by the Turkish government. The business has been operational in Turkey over the course of the past five years, but took the decision to expand on a global basis in 2021. The upshot of that decision saw the company obtain a Money Services Business (MSB) license in 16 states in the United States. Beyond that, the firm has made efforts to extend its services to customers across Europe, Asia, Africa, and the Americas.</p><p>Last year, Bitay<a href="https://www.ndtv.com/business/turkish-cryptocurrency-exchange-bitay-is-planning-to-enter-the-indian-market-3059996" rel="noopener noreferrer nofollow"> entered</a> the Indian market, and as part of that process, it established an office in Gurgaon. At that time, the company claimed that India, the Turkic countries, Eastern Europe, the Balkans, and selected countries in the Middle East and North Africa (MENA) were its priority markets.</p><h2 id="header-1">Stablecoin USP</h2><p>The company feels that it has something additional to offer the UAE market by comparison with other platforms that will provide it with a unique selling proposition (USP). It will also offer AEDD, a stablecoin that is pegged to the UAE&#39;s local currency, the United Arab Emirates Dirham (AED). Yilmaz explained: “AEDD is not just a stable coin, but a testament to the investment and trust we place in the UAE’s digital future.”</p><p>To further bootstrap the launch of the platform within the UAE, Bitay is offering some preliminary incentives to encourage UAE residents to use the service. To that end, it’s launching an “Advantageous 2nd Sales Period” campaign. The offering will incorporate 25% discounts on its native exchange token, accompanied by a yield bonus of up to 30% on USDT-based investments.</p><h2 id="header-2">Native token offering</h2><p>The company claims that its native token achieved a 330% surge in value within its first year. That said, exchange tokens have been the subject of controversy more recently. The reliance of failed cryptocurrency exchange FTX on its native FTT token was a key factor in the downfall of the platform in 2022. Similar concerns have been raised with regard to global crypto exchange Binance relative to its native BNB token, albeit that any such assertions remain a matter of speculation.</p><p>A progressive regulatory approach to virtual assets over the course of the past 12 months in the UAE has seen proponents of digital currency heap praise on the country. It has also led to a number of sizable crypto platforms attaining licensing in Dubai and Abu Dhabi, while others have established offices or headquarters within the UAE.</p>

Bitay Ventures into Expanding UAE Crypto Market

Table of Contents

CoinNess Global

Other articles published on Sep 1, 2023

Crypto Influencer Loses All His Funds After Accidentally Exposing Seed Phrase on Live Stream

Burn & Mint Process and GoMining Rewards: A Quick Rundown

Blockchain dev says DAOs don’t work, elected leaders are the answer

Gaming Sector Gains Momentum with Major Collaborations and Rising Projects

China court declares virtual assets as legal properties protected by law: Report

Shiba Inu: How Many Tokens Were Burned in Shibarium’s Launch Month?

Join our free newsletter for daily crypto updates!