The CEO of the popular cryptocurrency exchange Binance, Changpeng Zhao, in response to a tweet by Gemini Exchange co-founder Cameron Winklevoss, indicated that the next cryptocurrency bull market could start from the Middle East.
The Gemini co-founder's tweet, which was posted on February 19, comes as US government agencies and regulators, including the Securities and Exchange Commission (SEC), launched aggressive enforcement action against several cryptocurrency firms.
Winklevoss writes: My working thesis - for now - is that the next bull market for cryptocurrency will start in the Middle East, Cointelegraph reported.
He added that cryptocurrencies are a global asset class and that the United States has always had only two options: adopt them or get left behind.
Then Changpeng Zhao, CEO of the world's largest cryptocurrency exchange by trading volume, replied: I think you should focus on the Middle East, which is a play on the Middle East.
Middle Eastern countries such as the UAE and Bahrain have become emerging global hubs in the crypto space, thanks to their welcoming attitude towards digital assets.
The UAE recently unveiled its first federal-level regulations for Virtual Asset and Virtual Asset Service Providers (VASPs), seeking to add another layer of oversight to the industry.
Binance was awarded a Class 4 license in Bahrain, in May last year, and the exchange is still working on securing a Full Market Product (FMP) license by the Virtual Asset Regulatory Authority (VARA), the regulator responsible for overseeing cryptocurrency laws. inside Dubai.
