Korean cryptocurrency exchange Bithumb will set up a licensed crypto exchange in the United Arab Emirates (UAE) in partnership with a venture company in the Mideast country.

Bithumb said Tuesday that it had signed a memorandum of understanding (MOU) with UAE’s N-VELOP to establish a joint venture tasked with creating a crypto exchange. Bithumb and N-VELOP aim to set up UAE’s first licensed fiat currency exchange. In its announcement on the crypto asset regulatory framework through Abu Dhabi Global Market (ADGM) late last year, the UAE said it would begin issuing exchange licenses in the first half of this year.

Bithumb said the MOU would enable it to establish a bridgehead to enter the Middle East and North Africa. In the wake of its entry into the UAE, Bithumb plans to step up efforts to expand its influence on the Gulf Cooperation Council (GCC), a group of oil producing countries like Saudi Arabia and Bahrain. “Our partnership with N-VELOP will serve as a stepping stone for Bithumb to shine as a global exchange in the Middle East,” said a Bithumb official, adding that “we will endeavor to diversify our businesses this year, revolving around overseas projects, with an aim to emerge as a global blockchain leader.” /minsy@decenter.kr

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