UAE Crypto Regulations ? Has UAE Started Regulating Crypto Companies ? Crypto Trading in Dubai,UAE
UAE Crypto Regulations ? Has UAE Started Regulating Crypto Companies ? Crypto Trading in Dubai,UAE
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The United Arab Emirates is emerging as a crypto powerhouse in the gulf. The UAE is preparing to issue federal licenses for virtual asset service providers (VASP’s) by the end of the first quarter in a bid to attract the world’s largest crypto companies, government officials told Bloomberg. Furthermore, the official added that The Securities and Commodities Authority is in the ‘final stage’ of amending legislation to allow the setup of VASPs.
BREAKING: 🇦🇪 UAE plans to issue federal licenses for #crypto service providers!
— Watcher.Guru (@WatcherGuru) February 17, 2022
A government report seen by Bloomberg showed that free economic zones have already issued permits for such VASP’s. For instance, the Dubai Multi Commodities Centre has already licensed 22 VASP’s, while Abu Dhabi Global Market has six, and Dubai Silicon Oasis Authority has at least one.
An assessment released by Abu Dhabi Global Market in December last year identified that through proper regulation and a framework, UAE can nullify risks associated with illicit finance schemes pertaining to VASP’s rather than completely banning cryptocurrency trading and investments.
UAE officials further revealed to Bloomberg that Abu Dhabi took guidance from the Paris-based Financial Action Task Force as well as the strategies employed in the U.S., the U.K., and Singapore with respect to how the nation embraces cryptocurrencies.
“The country is taking a hybrid approach to oversight. SCA will handle regulation with input from the central bank, while local financial centers can establish their own day-to-day procedures around licensing”, the official told Bloomberg
Furthermore, the official said that the UAE wants to build an ecosystem for crypto mining- an industry that has traditionally received critics from environmentalists and policymakers worldwide due to exuberantly high electricity costs and greenhouse gas emissions.
Data compiled by research firm Chainanalysis showed that the UAE is the Middle-East’s third-largest crypto market, with a transaction volume of $26 billion between July 2020-July 2021.
The UAE is slowly emerging as a new crypto hub in the Middle East. Last year, the world’s largest crypto exchange by volume, Binance, signed an agreement with Dubai World Trade Centre Authority to create a hub for Global Virtual Assets.
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UAE Crypto Regulations ? Has UAE Started Regulating Crypto Companies ? Crypto Trading in Dubai,UAE
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