The United Arab Emirates and Saudi Arabia announced an agreement to cooperate on the creation of a cryptocurrency.
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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Indian police have arrested an associate of a group accused of a $71.6 million crypto scam.
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by Ana Berman
The efforts of the UAE to introduce relevant crypto regulation will put the county at the forefront of the industry, experts say.
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The Securities and Commodities Authority of United Arab Emirates will introduce ICO regulation in the first half of next year.
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by Helen Partz
The Advisory Council of the United Arab Emirates Banks Federation discussed applying blockchain in its member banks to improve KYC processes.
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UAE Exchange has partnered with Ripple to launch blockchain-based cross-border remittances to Asia by Q1 2019.
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The United Arab Emirates and Saudi Arabia are jointly developing a digital currency meant for interbank transactions.
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A United Arab Emirates national oil company has successfully piloted a blockchain system for oil and gas production.
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Abu Dhabi Global Market, an international financial free zone within the capital of the United Arab Emirates, has concluded the first phase of its blockchain-ba...
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The UAE has announced two initiatives pertaining to blockchain and artificial intelligence in a bid to become a leading country in the new technologies.
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Al Hilal Bank has completed “the world’s first sukuk transaction” using blockchain technology.
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The Abu Dhabi Securities Exchange has reportedly issued a thought paper on crypto and blockchain infrastructure for issuing digital assets.
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by Maria Yavuz
The exchange will be operating in “full compliance with the principles of Islamic finance.” A Shariah Advisory Board to decide which coins will be listed.
- Analysis
Dubai and the United Arab Emirates are making concerted efforts to be global leaders in blockchain adoption.
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Dubai’s state-backed digital currency emcash will soon have its own payment system for goods, services, and other transactions.
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