#blockchain uae

New Post has been published on https://www.blockinspect.com/blockchain/uae-drafts-crypto-asset-regulation-policy/

UAE drafts crypto asset regulation policy

In a quest to provide enhanced clarity for crypto-related projects, the Securities and Commodities Authority (SCA) in the United Arab Emirates has prepared a draft for regulating crypto assets. The Middle East is an area which is usually nit in the limelight when it comes to blockchain and cryptocurrencies. However, most Middle eastern nations excepting Iraq and Kuwait have been quite progressive in terms of blockchain and crypto adoption. 

Talking about the SCA’s recent stance,Sukhi Jutla, a blockchain author and a Financial Times and Google Top 100 European Digital Champion said,  “They are signaling that they are open to exploring this area and by creating guidelines they are giving more reassurance, confidence, and stability to businesses owners who may want to enter this field.”

As of now, there is a lot of confusion in the crypto industry in terms of regulatory compliance and other issues. However, the UAE’s move could potentially improve the scenario by depicting a more positive and clear picture of this industry. Sukhi added, “The UAE has been smart enough to understand that this innovation will grow in years to come and they don’t want to miss it. I wouldn’t be surprised if the UAE becomes the leading nation in this space just as they did with the oil and property space.”