United Arab Emirates Expands Their Cryptocurrency Adoption
The United Arab Emirates (UAE) has recently started to draft regulations for the adoption of cryptocurrencies, with regards to investments and businesses. The country’s officials have already begun to set these guidelines so that people in the UAE can begin using cryptocurrencies. Nigel Green, Founder of the DeVere Group stated that the UAE is “leaving the U.S and UK in its wake.”
Unlike other western nations, the UAE has seen cryptocurrency adoption before and are more advanced in this field. It is believed that larger countries like the United States could be left behind if they don’t get a move on with regulating cryptocurrencies.
Nigel Green has said that:
“This figure shows a three-fold growth in registered fintech companies since the end of last year, representing a steep rise this year as leading regional and global fintech firms opt for the DIFC as their preferred jurisdiction from which to scale their business in this region. This ongoing rise in trading activity within the cryptocurrency markets highlights heightened institutional participation. Indeed, the cryptocurrency sector is set for further significant expansion in Dubai and throughout the UAE, mainly due to extensive inflows of institutional investors.”
Last month, it was revealed that the Securities and Commodities Authority (SCA) was looking into creating cryptocurrency policies to help regulate these currencies. With the help of industry professionals, it is the SCA’s hope that these policies will help protect consumers and prevent money laundering, as well as other crimes in the financial sector.