Bithumb will expand its business to the Middle East
The South Korean exchange office announced that it plans to install the first cryptocurrency exchange space with fiat money in the United Arab Emirates
The exchange house of South Korea Bithumb announced that it will expand its operations to the Middle East with the launch of a new space for the exchange of fiat-crypto money in the United Arab Emirates (UAE).
Through a Memorandum of Undestanding (MoU) with the local company Nvelop, the platform issued the announcement on Tuesday.
With this alliance, the company plans to take its operations to other countries in the MENA region (Middle East and North Africa) where Saudi Arabia and Bahrain are included.
In the month of June last year, the Financial Services Regulatory Authority (FSRA) approved a new regulatory framework in which it required exchange bureaus to have licenses previously approved by the agency.
The FSRA may issue the license under this regulatory framework at any point in the first half of this year, according to Bithumb. If approved, the exchange office could start operations in mid-2019.
K. Tovar
Source: Coincrispy
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