The Securities and Commodities Authority (SCA) in the United Arab Emirates recently drafted a resolution on regulating the cryptocurrency assets. As UAE accepts crypto regulation, everyone expects greater clarity for the crypto-related projects in the Middle East.
The main focus, as the blockchain news now show, will be the improved regulations. Even though the focus usually is on China, Japan or the United States, the Middle East is an area that does not often get the attention that it deserves when it comes to blockchain and cryptocurrencies.
Still, barring a few highly restrictive countries such as Iraq and Kuwait, the region is generally prone to a big change which will introduce progressive and supportive stance when it comes to the blockchain industry.
Sukhi Jutla is a blockchain author from the United Arab Emirates. As UAE accepts the new regulation, she spoke to media outlets and commented that by drafting this resolution, the UAE is sending a positive sign to the world.
“They are signalling 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.”
The blockchain author is also a Financial Times writer and Google Top 100 European Digital Champion. He knows that as UAE accepts better crypto regulation, it could be a stepping stone for other nations moving in a similar direction. This would help and remove a lot of obstacles which are present in the industry right now.
“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,” Jutla said.
Even though countries such as Turkey, Iran and Israel are in the process of investigating the benefits of blockchain, the UAE is leading the field (along with Bahrain and Saudi Arabia) and is ready to present many novelties when it comes to crypto and blockchain legislation. The crypto news earlier showed that the UAE already hosts several impressive blockchain initiatives that may benefit significantly from the new regulations.
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