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.
The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform.
Dubai Debuts Nationwide Data Platform Powered by Blockchain
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.
UAE Resident Who Took Out $100K Crypto Loan Saved by Ex-Coworkers
The Islamic Development Bank’s research organization has partnered with Blocko to build a blockchain credit management system.
Samsung-Backed Blocko to Build Blockchain-Based Credit System for Arab Bank
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.
UAE Flight Attendant Faces Jail Over $100K Crypto Loan Default
The Saudi Arabian Monetary Authority has transferred funds to local banks using blockchain technology.
Central Bank of Saudi Arabia Transfers Funds to Local Banks Over Blockchain
Blockchain-based solution may help to contain the growing cases of COVID-19 across the UAE.
UAE Startup Relies on Blockchain Technology to Flatten COVID-19 Curve
As the UAE’s deadline for its nation-wide blockchain revamp looms, DLT is becoming embedded in everyday life.
UAE’s DLT Overhaul on Track to Bring Blockchain to Daily Life by 2021