Experts Claim: UAE Has The Perfect Position To Become A Leader In The ICO Space

The United Arab Emirates is likely to become a member of the leading destinations blockchain-related business next year because of the new promising legislation which DC Forecasts reported about in the previous blockchain news.

Many experts commented on the situation and said that the new legal framework for initial coin offerings and overall crypto regulation provides a huge chance for the country to join Malta and Gibraltar as one of the most popular crypto-destinations.

CEO of Libra Project which is a blockchain-based investing program Hans Fraikin, said that the UAE is ‘’perfectly positioned to be a global leader in the ICO space.’’ He also pointed out that the country is among the countries that have the most promising jurisdictions for tokenized startups.

Another CEO this time of Eterna Capital, Andrea Bonaceto, also thinks that the UAE could become ‘’the forefront of the industry’’ saying that this is owned due to the government’s efforts to improve and modernize the financial sector.

However, the experts agree that the UAE has to provide space for its own investors and developers and create a sustainable future for the crypto industry in the country.

The financial regulator in the country revealed that a new ICO policy will be introduced in 2019. The Securities and Commodities Authority of the country will cooperate with the Abu Dhabi Securities Exchange in order to create a platform for ICO token trading.

Also, UAE partnered with Saudi Arabia so they can create a cryptocurrency that will be accepted in cross-border transactions. Finally, the Advisory Council of the United Arab Emirates Banks Federation considers applying blockchain in the banks so they could improve the Know Your Customer processes.