UAE’s new crypto legislation might place the country at the forefront of crypto industry
The United Arab Emirates (UAE) can join the list of top destinations for blockchain-related businesses in 2019 because of its new crypto legislation. Experts’ opinion on the issue was published in the UAE’s daily media outlet The National on December 24, 2018.
Previously in mid-December, the UAE’s financial regulator has announced a new legal framework for initial coin offerings (ICO) which will be introduced in early 2019. It also commented about possible regulation for crypto exchanges. Moreover, the UAE developing several blockchain and cryptocurrency projects on a state level. These steps, according to experts’ opinion, can make the UAE one of the most popular crypto destinations, along with Malta and Gibraltar.
Blockchain experts believe that efforts the UAE government makes to modernize the financial sector can make the country a global leader of the industry.
Hans Fraikin – CEO of Libra Project – suggested that the UAE can become one of the most popular jurisdiction for tokenized startups because of its position on ICOs. Andrea Bonaceto – CEO of Eterna Capital fund management company – told that the UAE have a leading and influential position in crypto industry.
However, experts believe that the UAE has to encourage its own developers and investors to ensure a stable and promising future of the crypto industry of the country.
Author: Alena Snezhnaya