News
Dubai authorities continue driving more adoption to the cryptocurrency industry by pushing more regulatory approvals.
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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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The United Arab Emirates has been cementing its presence in the digital asset industry recently with multiple efforts to further adopt blockchain-based technologies.
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As a part of the 2023-2026 strategy, CBUAE intends to be among the world's top 10 regulators.
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HSBC plans to improve the KYC process for local investors and corporate clients by leveraging blockchain technology.
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3iQ launched its Bitcoin Fund trading on Nasdaq Dubai after receiving regulatory clearance for a dual listing in April.
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The precious metals refined on the site will be tokenized and traded on the DMCC Gold Exchange platform.
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The UAE government’s adoption of blockchain technology for its legal notary services builds on its ambitions to go completely digital.
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Dubai’s Department of Economic Development wants to accelerate the total adoption of UAE KYC — the national Know Your Customer standard running on blockchain technology.
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A government-run token exchange could be on the horizon for the United Arab Emirates
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The UAE has been proactive in integrating blockchain into the existing governance ecosystem, and the private sector benefits from the spillover effect.
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The COVID-19 pandemic has revealed the need for sustainable digitization of the economy, and the UAE is accepting the challenge.
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UAE regulators are looking to develop a comprehensive crypto governance framework as part of its 2021 business agenda.
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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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