UAE Will Issue Crypto Licenses While Trying To Become Industry Hub

UAE will issue crypto licenses as a part of its efforts to become a global crypto hub as we can read more today in our blockchain latest news.

The United Arab Emirates is preparing to issue federal licenses for crypto-assets and service providers by the end of the quarter in a bid to attract more companies to the country according to the reports by Bloomberg citing a government official. The Securities and Commodities Authority is in the final stage of setting up a framework that allows VASPS to set up a show in the country as the official said.

Having considered all approaches in the US, Singapore, UK, the UAE will issue crypto licenses but it will take a hybrid approach with the SCA and the central bank being responsible or regulation with regional financial centers determining their daily procedures on licenses. The government also wants to create a favorable environment for crypto mining. The government of Dubai said that it will create a favorable regulated zone for the crypto service providers in the Dubai World Trade Center but the next day, Binance as the world’s biggest crypto signed a cooperation agreement with the trade center.

The Abu Dhabi Global market which is considered an international finance hub and free-trade zone, issued its first crypto exchange license to Matric in 2020 while in November 2021, three exchanges based at the center were fully operational while another three were in the midst of the process of launching. The Dubai Multi commodities Center, the largest free trade zone in the UAE set up a regulatory framework for the crypto companies in 2021 and now it provided licenses for 22 companies already.

As recently reported, The UAE government will employ blockchain technology for use in its judicial notarization and authentication services according to the Emirates News Agency.
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The government of the United Arab Emirates will employ blockchain technology for use in its judicial notarization and authentication services according to the Emirates News Agency.

The usage of blockchain technology is expected to cut down on the time, spending, and effort by the UAE Ministry of Justice in authenticating and verifying the contracts and documentation while still working on the creation of the plan to transfer half of the transactions on the blockchain by the end of the year.