UAE MAY BECOME A NEW MECCA FOR BLOCKCHAIN BUSINESS

On December 24^th, “The National” – local newspaper reported that United Arab Emirates (UAE) could become a new Mecca for blockchain business, after the entry into force of the developed laws on ICO regulation.

The UAE government announced the development of new legislative measures to regulate the ICO, and also hinted at the early development of the regulation of crypto-exchanges. Some experts in the market believe that the UAE can join countries such as Malta and Gibraltar, and become a popular destination for the development of the crypto business.

Hans Fraikin, CEO of the Libra Project – an investment blockchain project, in an interview with “The National” said that the UAE “has excellent positioning as a global leader in the ICO sector.” He also believes that the country can create a favorable climate for attracting blockchain startups.

Andrea Bonaceto, CEO of Eterna Capital – a Fund management company in London, also believes that the UAE can take “leading positions in the industry”, thanks to the efforts of the government to modernize the financial sector.

However, experts note that the UAE needs to grow its blockchain developers and investors to guarantee the sustainable development of the cryptocurrency industry in the country.

In mid-December, the UAE regulator announced that new legislative measures will be introduced in early 2019. It is reported that the regulator of the country will work together with the Abu Dhabi Stock exchange and the Dubai financial market to develop a platform for trading ICO tokens.

The UAE is also developing several blockchain projects at the governmental level: the Central banks of the United Arab Emirates (UAE) and Saudi Arabia continue to work together on a cross-border digital currency, and the Advisory Council of the UAE banks’ Federation is considering the use of technology to improve the execution of know-your-customer (KYC) processes.

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