The United Arab Emirates (UAE)’s top regulator Securities and Commodities Authority (SCA) has announced the draft policy for cryptocurrency regulation in the country. The new proposed laws will regulate the crypto assets in the country and provide increased clarity towards the new sector from the government.
The draft regulation covers topics such as blockchain and cryptocurrencies and their potential legal status in the country. Ever since the blockchain industry started attracting investment from around the world, the UAE has been really keen on pursuing this sector on a long-term basis. For this purpose, UAE now boasts of one of the most progressive cryptocurrency de facto laws in the region while systematic regulation is slowly being researched in the country starting with this draft.
Because of the government’s backing, various blockchain projects have mushroomed across the country despite no concrete regulations in place and now the government is working frantically to pursue them. The move is part of the Dubai 10X initiative that aims to digitize trade in what is known as the New Digital Silk Road.
While draft regulations are not final because they need final scrutiny, they represent sustained progress in a very difficult regulatory landscape in the world because of cryptocurrency’s disruptive power.
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