The financial regulators in the United Arab Emirates (UAE) have begun drafting regulations for the implementation and use of cryptocurrencies in the country. The founder of DeVere Group, Nigel Green, wrote in The Khaleej Times that UAE is preparing for a rapid expansion in demand for cryptocurrencies.
Over 100 Fintech firms registered at Dubai’s DIFC
Earlier this year, Dubai International Financial Centre recently reached a significant milestone registering over 100 fintech firms. This is a three-fold growth in registered fintech companies since the end of 2018. The crypto transactions in the country were also over $210 million.
In October, it was revealed that the UAE’s financial watchdog, the Securities and Commodities Authority (SCA), was drafting crypto regulation policies and was accepting input from the industry entities.
UAE emerging as a leading blockchain nation
In the first quarter of 2019, UAE based blockchain startups raised over $210 million, making the country the largest beneficiary blockchain investment in the world. The favorable cryptocurrency regulations would immensely help the nation in emerging as a leading blockchain nation in the next few years. Several banks in the country have already piloted blockchain solutions for enhaning cross-border settlements, the banks include First Abu Dhabi Bank, and RakBank.