The United Arab Emirates or UAE has decided to issue new licenses to crypto services providers in the nation by the end of the first quarter, which is aimed to attract some of the world’s biggest crypto-based firms. As per a report from Bloomberg, a government official revealed that the licensing plan is in motion.
UAE authorities in the final stages
The report from Bloomberg has revealed that the Securities and Commodities Authority of UAE is now in the final stage of amending legislation and will soon allow the digital asset services providers to set up in the nation. Furthermore, Binance, the world’s biggest cryptocurrency exchange by volume, is one of the top contenders for the same.
It seems that the UAE aims to bring stiff competition to rival countries like Singapore and Hong Kong that have been actively working in the crypto space to provide a more regulated environment to traders and firms alike. Moreover, the report stated that some of the nation’s financial free zones have already distributed permits to digital asset services providers.
“Dubai Multi Commodities Centre has licensed 22, while Abu Dhabi Global Market has six and Dubai Silicon Oasis Authority has at least one, according to a government report seen by Bloomberg,” said the report.
Crypto-friendly Middle East
The Middle East and most notable UAE have been quite actively working in the crypto space to allow investors to have a better experience while trading. Recently, the financial regulator officially allowed the trading of cryptocurrencies in an economic-free zone in Dubai.
Furthermore, the postal department of the UAE had recently issued nonfungible token (NFT) stamps to celebrate and preserve the federation’s 50th National Day. Emirates Post Group (EPG) became the first such authority in the entire world to implement this novel way of celebration. It is also to be noted that the Health Ministry uses blockchain to store data.