Experts say the United Arab Emirates (UAE) may be the next pro-blockchain development hub with ICO regulations coming in mid-2019, according to a column published by The National.
While most of the big world economies are still deliberating on the stance of cryptocurrency- and ICO-related policies, the stall does give a head start for others.
It would seem that the UAE is queuing up with other countries including Malta and Gibraltar seeking a regulatory standard for the blockchain industry as well as its derivatives. This, experts are confident, will help the UAE attract more blockchain enthusiasts and related businesses to the region in the near future.
As reported by the news source, UAE, being “the second largest Arab economy” venturing into blockchain standardization is a significant endeavor, as it adds the country “to the expanding list of global regulators that have decided to standardize ICOs”.
UAE is also being recognized as one of the most forward-looking outlets for tokenized start-ups. CEO of Libra Project in Abu Dhabi Hans Fraikin said for such businesses, UAE happens to be the most “promising jurisdiction” to establish “startups using encrypted blockchain technology”. He also believes that “the UAE is perfectly positioned to be a global leader in the ICO space”.
Andrea Bonaceto, CEO of Eterna Capital, a fund management firm in London, also shares the sentiment when he remarked that the “UAE is at the forefront of the industry”. His reasoning is that it is “one of the first jurisdictions looking to regulate ICOs” and that the restructuring of its financial sector would possibly make it a “competitive location to attract ICOs and blockchain related investments in 2019”.
These experts further agree that the UAE needs a strategy that focuses on developing its own community of developers in order to create a sustainable blockchain sector in the future, the report reads.
ICOs have had a significant impact on the fintech sector these past few years, which have become more intense in the recent two years gone by. 2017-2018 recorded outstanding crowdfunding events thus far since the inception of blockchain solutions. However, it’s not without certain drawbacks. Sadly, these same years have seen ICO exposed to tough times as market downturns unveil.
On the entirety of the matter, the UAE is making progress on several fronts related to blockchain developments within its region. This is evident in recent projects such as a cross-border cryptocurrency under development as a result of its partnership with Saudi Arabia.
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