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.
A government-run token exchange could be on the horizon for the United Arab Emirates
UAE minister of economy: Crypto & tokenization “key” to doubling GDP
The UAE has been proactive in integrating blockchain into the existing governance ecosystem, and the private sector benefits from the spillover effect.
Sands of change: UAE enables private sector to adopt blockchain tech
The COVID-19 pandemic has revealed the need for sustainable digitization of the economy, and the UAE is accepting the challenge.
The United Arab Emirates’ green digitization vision
UAE regulators are looking to develop a comprehensive crypto governance framework as part of its 2021 business agenda.
The United Arab Emirates chase crypto and blockchain adoption
Some of Asia's largest banking institutions are working together on a “multiple” CBDC project, designed to cross borders and navigate regulations easier than fi...
Major Asian banks unite to form ‘multiple’ CBDC pact on blockchain
Kiklabb has become the first state-owned entity in the United Arab Emirates to accept cryptocurrency payments.
Dubai-based licensing company adopts cryptocurrency payments
Bahrain-based crypto exchange CoinMENA acquired a major license ahead of its launch in several countries including the UAE and Saudi Arabia.
Bahrain central bank licenses Sharia-compliant crypto exchange