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UAE on the path to becoming the next crypto heaven

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Blockchain related project might get a new home in the United Arab Emirates (UAE) experts claims by studying the regulatory situation in a report published in the countries daily newspaper The National on December 24.

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Looking at the UAE’s updated legal framework for initial coin offerings (ICO) and possible future regulation regarding the cryptocurrency exchanges, experts are sensing a migration of blockchain based project into the country as seen in Malta and Gibraltar.

CEO of Libra Project, a blockchain based impact investment programme, Hans Franklin said speaking with The National that the UAE is “perfectly positioned to be a global leader in the ICO space.” Here he also asserted that UAE has a bright future observing its stance on ICOs.

Further, in the report, Eterna Capital CEO, a fund management firm in London, Andrea Bonaceto also commented that UAE is “at the forefront of the industry” based on governments efforts towards modernizing its economy.

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Meanwhile, both of them agrees that to lead in the race UAE has to foster the atmosphere for the developers and investors to ensure them of a solid foundation for the future of the crypto industry in the country.

As reported earlier, UAE is going to introduce its new policy towards the ICOs in the first quarter of 2019. It is possible that the Securities and Commodities Authority of the country will collaborate with Abu Dhabi Securities Exchange and Dubai Financial Market to foster a base for token trading through ICOs. It is also to be noted that the country is also developing some blockchain based projects of its own.

Most notable of these projects is UAE’s collaboration with Sudi Arabia to develop a mutual system of cryptocurrency transaction. Apart from this the Advisory Council of the UAE Banks Federation is also thinking of integrating blockchain technology with its member banks to enhance the process of Know Your Customer (KYC).

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