BlockBeats News, July 1st, according to Bloomberg, a Bitcoin mining company associated with the Trump family plans to establish an office in Dubai. Dubai is rapidly becoming a key hub for the cryptocurrency industry due to its friendly tax and regulatory environment.

According to records from the Dubai International Financial Centre, Hut 8, headquartered in Miami, registered last week to set up the office. A company spokesperson confirmed that a team is being assembled in Dubai focusing on trading and cryptocurrency accumulation strategies. As per the year-end report, Hut 8 currently operates Bitcoin mining businesses in Texas and New York in the United States, as well as in Alberta, Canada.

Hut 8 is involved in a new company partially owned by Donald Trump Jr. and Eric Trump. The company, named American Bitcoin, is receiving the majority of Hut 8's Bitcoin mining equipment and plans to go public this year through a merger with another publicly traded company. After the merger, Hut 8 will hold an 80% stake in the new company, and several executives, including CEO Genoot, will join the board.

A spokesperson for Hut 8 stated that the establishment of its new office in Dubai is unrelated to its collaboration with American Bitcoin.