Kazi Najib Ashraf: crypto in the UAE, come play the game

After inking an MoU with Binance, which is believed to be the world’s biggest crypto exchange, in December 2021, UAE is set to take another big move towards its aim of becoming the crypto industry hub. The country already plays a dominant role in so many other vertical business and this would be a feather in its cap within the emerging dominant technologies.

The United Arab Emirates is reportedly planning to issue a federal crypto license for virtual asset service providers by the end of the first quarter of 2022, as per Bloomberg report & the work has already begun in this respect. A frenzy of activities including regional and international crypto conferences are being held regularly in Dubai.

The UAE Securities and Commodities Authority is said to be in the final stages of finalizing legislation that would allow digital asset firms to set bases in the country.

That’s why having a national crypto licensing legislation would help the UAE with its goal to become a leading crypto-friendly jurisdiction, a first in the GCC as well.