The need for safer cryptocurrency regulations in UAE, the United Arab Emirates, has been pushed forward in the country’s top authority.
A resolution has been drafted by the UAE’s Securities and Commodities Authority (SCA) to regulate digital assets more efficiently. This allows for more transparency in cryptocurrency initiatives in the nation.
The case for cryptocurrency regulations in UAE
Sukhi Jatla, an analyst, aimed to explain why the need for cryptocurrency regulations in UAE was a positive indicator in a recent interview. She mentioned that this showed that the country is receptive to traversing this area, and the forming of such guidelines creates increased confidence, assurance, and solidity to those business owners pursuing initiatives in this sector.
It is a known fact that the Middle East is not viewed as a hotspot for the crypto-world, yet still, a multitude of opportunities exist. They could utilize this indicator to convince other nations also to promote crypto-technology in the area.
Sukhi further claimed that the United Arab Emirates has been rather quick-witted in understanding the prospects of this technology and, therefore, does not intend to miss it. She stated that it would be of no surprise if the nation became one of the leading game-players, similar to their advancements in the oil industry.
Dubai, UAE aims to develop and grow into the first blockchain city around the globe in 2020. The beginning of 2019 welcomed developers through competitions to aid the city in attaining its goal.