By Frank Kane, Arab News
DUBAI: In the great debate over crypto finance, there is little middle ground. Either you are deeply suspicious of the brave new world of bitcoin and blockchain — like the eminent economist Nouriel Roubini, whose attacks on the fintech phenomena have sparked a Twitter storm of argument — or, like a growing number of crypto believers in the Middle East, you believe that the new wave is unstoppable.
The authorities in the UAE, Saudi Arabia and other parts of the region are all hatching plans to encourage the crypto revolution in their financial zones.
David Sumner comes at the issue from a rather more nuanced position. His Dubai-based investment holding company SGH Global (Sumner Group Holdings), which is backed by some eminent UAE investors and could soon be expanding significantly into Saudi Arabia, is on the verge of closing a security token offering (STO) launched earlier this year.