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UAE Plans to Implement New Crypto-Friendly Rules

UAE Plans to Implement New Crypto-Friendly Rules
  • UAE is planning to issue crypto-friendly rules on digital assets.
  • According to the Dubai Financial Services Authority (DFSA), they will issue the law based on their business plan for the year.
  • Moreover, UAE has joined with Saudi Arabia to create a CBDC called “Project Aber.”

The United Arab Emirates (UAE) is planning to set up easy-to-understand laws to regulate digital asset trading in the country.

Based on a DFSA report, the UAE aims to set up the crypto rules in line with its business plan for this year. However, Dubai seems open to digital assets adoption. As a result, the UAE keeps softening its laws towards cryptocurrencies.

Also, this is not the first time that UAE is showing interest in crypto and blockchain-related activities. The country’s licensing firm Kiklabb even allows clients to pay for visas and trade licenses using digital money.

In addition, the UAE aims to become a center for digital assets. This is where many crypto startups can easily choose to be based.

In fast, Ludwar International Consulting FZC managing partner Mazdak Rafaty said,

If you ask anyone from the tech and startup sector anywhere in the world about the speed of regulations of the authorities, you will get the same answer: ‘It could definitely be faster.

Also, Rafaty added that UAE is a country that focuses a lot on technology adoption. Thus, it keeps providing smarter systems for successful journeys.

In support of the upcoming changes, UAE has joined with Saudi Arabia to create a central bank digital currency (CBDC) called “Project Aber.”

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.