UAE Plans to Issue First Nationwide Crypto-focused Regulations
https://ift.tt/vArVDTp
- The Dubai World Trade Centre (DWTC) was proclaimed a comprehensive zone.
- Binance signed an exclusive memorandum of understanding with the DWTC.
Government crypto licenses for virtual asset service providers are likely to be issued in the United Arab Emirates by the end of the first quarter.
Reports from Bloomberg indicate that the United Arab Emirates Securities and Commodities Authority is nearing the end of the process for legislation that would enable digital asset businesses to operate in the nation. National crypto license laws would aid the UAE’s objective of becoming a top crypto-friendly jurisdiction.
Crypto Mining Regulation on the Cards
Financial Action Task Force rules and policies in the US, UK, and Singapore were allegedly studied by authorities while drafting their crypto licensing regulations. While the central bank and primary regulatory body are expected to work together to produce the new crypto licensing standards, local financial institutions will be free to design their own rules.
The government of the United Arab Emirates also intends to create and regulate the crypto mining business in addition to the crypto licensing. The Dubai World Trade Centre (DWTC) was proclaimed a comprehensive zone and a cryptocurrency regulator earlier in December 2021 by the government of Dubai.
After signing an exclusive memorandum of understanding with the Dubai World Trade Center (DWTC) in December, Binance, the world’s largest crypto exchange, has set its sights on the UAE market. To help DWTC become an important crypto center in the Middle East, Binance will work with the Dubai World Trade Center (DWTC) to facilitate access to the United Arab Emirates’ crypto marketplaces.
As soon as the legal foundation for a crypto license is in place, the United Arab Emirates offers various free zones with tax and regulatory regimes that are more lenient.
Cryptocurrency
