South Korean cryptocurrency exchange Bithumb has kicked off its expansion operation in the Middle East with the launch of a licensed fiat-to-crypto exchange in the United Arab Emirates, CoinDesk reports.
Announced on Tuesday, Bithumb has signed a memorandum of understanding (MoU) with UAE-based Nvelop to form a joint venture.
Bithumb has stated that the partnership will allow the platform to further expand its presence in the Middle East and North Africa (MENA) region as it eyes Saudi Arabia and Bahrain after the UAE.
“The partnership with Nvelope will enable us to build a foothold in the Middle East as a global exchange,” a Bithumb spokesperson said. “This year, we will diversify into a business centered on overseas business.”
Last year, the UAE’s financial market regulator, the Financial Services Regulatory Authority (FSRA) released a guideline on how regulation of cryptocurrencies in the region will be. The framework stated that crypto exchanges must be licensed and approved by the FSRA.