UAE : In a market that has been fraught with uncertainties, globally, the rising popularity of cryptocurrency cannot be overlooked. For the UAE itself, the central banks and regulators have mulled various measures to ensure the systems are robust and risk-appropriate, so as to be able to better regulate these currencies which have historically shown intense volatility. Today, the UAE is even considering establishing virtual currency exchanges given the immense popularity among financial market participants.
But this was not easy for the UAE. To begin with, concerns over issues off cryptocurrencies being used or rather misused for illegal activities such as money-laundering or even funding terrorist organisations have been on the minds of regulators and policy-makers in the region. This was one of the major hurdles for Amit Lakhanpal, the man who brought cryptocurrencies to the UAE.
Beginning as a real estate entrepreneur, the 33-year old Computer Science Masters professional from Cambridge University cashed in on his natural pioneering spirit and thirst for bringing disruptive technologies to hitherto unexplored regions. Backed by his solid educational qualifications, which include a diploma in asset and wealth management Blockchain technology and Digital Smart Contract, Dr Lakhanpal launched Money Trade Coin Â a group which houses a cryptocurrency exchange, the worldÂs largest online shopping mall, wallet services as well as a cryptocurrency academy. This he brought to the UAE, through a partnership with Dubai based firm Bitcoin Global FZE, UAE with the aim of furthering global financial integration through the art of better transactions. UK Emirati Mrs Salma Al Kitebe Â a close aide to the royal family in the UAE is also a partner in intellectual property rights for this cryptocurrency.
Apart from the huge potential that it offered, it was Dr LakhanpalÂs futuristic views and intense commitment to ensuring adequate security for transactions conducted on the platform that led to the beginning of the success story for his group in the UAE. ÂWe have founded the group on principles of providing easy, value added and secure solutions to customers and that has been a major driver for our growthÂ, says Dr Lakhanpal.
His acute business sense is not all that he has brought to the world Â this young visionary has also authored a book titled ÂThe World of Crypto CurrencyÂ, which educates the general public about the technology and its disruptive powers. Thus, he has made disruptive, new-age technological solutions easily understandable and accessible for the common man. His cryptocurrency academy provides training and educates both newbies and professionals about this technology and its uses, thus bridging gaps and promoting transparent, collaborative growth and development for the market.
Such is the persona of this Indian national, that his innovative initiatives have led him to be awarded with the prestigious Mahatma Gandhi Gaurav Samman for excellence in promoting global integration and economic development.
Today, some banks in the UAE have even banned online cryptocurrency trading, to protect customers from falling prey to frauds resulting from insecure systems associated with many such currencies. There is ample room for embezzlement of money used to trade in such virtual currency, if given the leeway. Dr Lakhanpal himself advises ÂWhile the market opportunity is huge, trading of such currencies is not a simple game, instead requires one to clearly understand and assess their risk appetite before venturing into it for higher returns. We conduct our business with focus on complete transparency and adding value for our customers.Â