The Dubai Bitcoin Conference was a complete success, and heralds the

imminent entry of a number of Bitcoin services to the region. Local

startups like bitoasis.net and yellowpay.co are opening up the market

with exchange, wallet, and merchant services, launching this year.

Local government advisers were also present to express their support for Bitcoin businesses, and there was a lot of talk about ‘free zones’ and ways to attract more entrepreneurs.

While the Middle East and North Africa region is just getting started with Bitcoin, Dubai lived up to its reputation for ‘getting the job done’, as half the attendees took the opportunity to establish local branches, offices, and bank accounts, there and then. It was great to watch the industry being built right inside the conference.

Dubai is just starting out in Bitcoin, though the region has clear and high potential, as the conference organizers note: Dubai is ‘the worlds most interesting emerging city’. Dubai got their first merchant on board in February and their first ATM in April, but it is surely their remittance market that stands to gain the most from Bitcoin.

A whopping 91% of people living in the UAE are expatriates who are responsible for the world’s third largest remittance market. However, whilst the UAE is the cheapest country in the world to remit from, it still costs an average of 3% per transaction, and 5% to India; the most popular destination for outbound remittances. (The UAE Exchange remitted over $7 billion to India in 2013 alone)

The future for Bitcoin in Dubai is bright and 2015 should see an explosion of start-ups and consumer adoption. Watch this space.

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