Palmex.ae has launched a new platform, and now its users will be able to trade all the main cryptocurrencies, like Bitcoin, Etereum, Litecoin and Ripple. More are expected to be added in the coming months.There will be no registration fees, like the most famous cryptocurrency exchange, and its fees will be “low competitive fees”.
“The demand to trade and issue digital assets has grown exponentially with the phenomenal surge in valuation of cryptocurrencies like Bitcoin and the rapid evolution of blockchain technology,” said ArabianChain founder and CEO Mohammed Alsehli. “The regional market is ripe and hungry for a user-friendly platform that makes it possible for them to buy and sell in a secure environment.”
Alsehli added that ArabianChain “is working on a couple of options to allow uninterrupted cash deposits into the system, and this hopefully will be completed in two weeks”. With that, we’ll have the full platform running at full capacity with everyone doing their trading of their preferred cryptocurrencies.”
Alsehli also pointed out that the platform will have no trading fees for about two weeks.
Talking about the investors preferences to invest their money in an UAE based exchange,he said:
“It’s usually a case of convenience, especially when we talk about fiat currencies involved. When you want to deposit cash, for example to Switzerland rather a system that exists here in the region, it’s way easier [to deposit in a local exchange]. If you’re based in the UAE, it’s just a matter a day or so…or a couple of hours. You have a legal entity in the region you can actually reach and approach, a company and face that you know. It adds an element of trust.”
When asked whether value-added tax (VAT) would apply to cryptocurrencies being traded on the platform, Alsehli said that “nobody knows.”
“The discussion of whether [cryptocurrencies] are a currency or a commodity are still going on,” he said. “But the other part is that it’s a service, and now they’re saying that all services fall under the tax.”