Analysis
UAE regulators are looking to develop a comprehensive crypto governance framework as part of its 2021 business agenda.
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UAE News
The UAE, or the United Arab Emirates, is a federal state composed of seven states located in the Near East. The UAE has a strong economy and currently is thirteenth in the world by GDP due to its oil production. In terms of Bitcoin, the UAE government created a legal framework in 2016 that has become the foundation for future cryptocurrency regulation. Despite these regulations prohibiting payment services from providing transactions in Bitcoin, the new law, in accordance with the Central Bank, can be interpreted differently, depending on certain situations. However, the country is a great platform for innovation. The UAE has recently accepted the UAE Blockchain Strategy in order to become one of the most advanced countries in the blockchain technology sphere.
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Some of Asia's largest banking institutions are working together on a “multiple” CBDC project, designed to cross borders and navigate regulations easier than fiat.
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Kiklabb has become the first state-owned entity in the United Arab Emirates to accept cryptocurrency payments.
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Bahrain-based crypto exchange CoinMENA acquired a major license ahead of its launch in several countries including the UAE and Saudi Arabia.
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The Dubai Financial Services Authority is reportedly looking to introduce two crypto-related consultation papers as part of its business plan in 2021.
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The joint report is among the most promising CBDC studies conducted by central bank authorities
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The financial center in one of Dubai’s free-trade zones acts as an independent regulator with its own judicial system
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The UAE project will allow clients to trade tokenized sugar 24/7 without brokers, and fits into the Emirate Blockchain Strategy 2021's goals
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Agriota E-Marketplace may give farmers in India more access to the UAE’s multi-billion dollar food industry.
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Blockchain firm HashCash plans to create a federated and sovereign digital identity architecture to be used in banking processes.
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The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform.
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A foreign resident of Abu Dhabi who was potentially facing jail time over an unpaid $100,000 loan received $27,400 in donations after his story spread.
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The Islamic Development Bank’s research organization has partnered with Blocko to build a blockchain credit management system.
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A foreign resident of Abu Dhabi is facing jail time after his crypto investments from a $100K loan in 2017 tanked and he can no longer afford the payments.
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The Saudi Arabian Monetary Authority has transferred funds to local banks using blockchain technology.
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