UAE to Issue Crypto Licenses
The United Arab Emirates is preparing to issue federal licenses for virtual assets service providers by the end of this quarter in a bid to attract crypto companies to the country,
The SCA and central bank will be responsible for regulation, with regional financial centers determining their day-to-day procedures on licenses, according to Bloomberg. Source: Coindesk
The government also wants to create a favorable environment for crypto mining, the report said.
The government of Dubai, one of the seven constituent emirates, said in December it will create a favorable regulated zone for crypto service providers in the Dubai World Trade Center.
Get FWD App
Abu Dhabi's International Financial Center, a finance hub and free-trade zone, issued its first crypto exchange license, to Matrix, in May 2020.
The Dubai Multi Commodities Center, the largest free-trade zone in the UAE set up a regulatory framework for crypto firms in March 2021.