The UAE is one of the leaders in modern technologies in the world.
Palmex – a new digital portal for cryptocurrency trading was launched in Dubai this week.
ArabianChain (Dubai) started a new crypto-exchange, created to enable investors to deposit and trade different cryptocurrencies.
The new platform, Palmex, allows users to place and sell coins, including DubaiCoin, Bitcoin, Ethereum, etc., the list is going to be expanded soon.
There is no registration fee, but users will be charged for low fees for making, withdrawing and exchanging currency.
The goal of Palmex is to make the process of trading of cryptocurrencies easier and more convenient for existing users and to attract new users to the market.
“The demand for trade and the release of digital assets grew rapidly with a phenomenal surge in the appreciation of cryptocurrencies such as bitcoin and soon evolution of blockchain technology,” said ArabianChain founder and CEO Mohammed Alsehli. “The regional market is mature and needs a user-friendly platform, which will allow it to buy and sell with a security guarantee. ”
Alsehli added that ArabianChain is considering several options for securing continuous cash deposits in the system and trading cryptocurrency between users.
During the first two weeks of operation, no charges will be levied on the platform.
When asked if the VAT will apply to the cryptocurrencies traded on the platform, Alsehli answered that “no one knows yet”.
“The question about whether cryptocurrency is a currency or a commodity is still discussing,” he announced, stressing all services to be a subject to tax.
What other news has Dubai for us today?
Management of Smart Dubai has presented 20 new services for state structures in Dubai, working on the principles of blockchain. Pilot projects relate to such areas as health, energy, education, transport and roads.
Director of the Smart Dubai department, Aisha bin Bishr, said that in 2018 a blockchain strategy will be introduced ahead of schedule in Dubai. Currently, the technology has already found application in the registration of real estate transactions.
Blockchain saves 25 million hours of work every year. The Office is working on its implementation jointly with IBM and Consensys. The technology is used now by the city municipality, the Water Supply, the Dubai Land Department and Electrification Administration, immigration and other departments.
“While the world is still discussing the prospects of this technology, we have already joined the work and today we are turning Dubai into a blockchain capital of the world,” Aisha bin Bishr said.