digital currency

ArticlesThe UAE's crypto strategy is another step toward the digital economy
Pressured by the rapid pace of innovation, governments are changing existing laws, developing new regulations, prohibitions, and recommendations for the digital economy. The UAE may become the world's next cryptocurrency center because of the pace of its legal decisions.
The UAE legalized cryptoassets five years ago. This move was preceded by lengthy development of the crypto regulatory framework by the Securities and Commodities Authority (SCA) in cooperation with blockchain industry CEOs.

The regulatory framework is still expanding. On January 2, 2022, new regulations against crypto fraud came into effect in the UAE. Meanwhile, fundraising platforms, cryptocurrency custodians, exchanges, and organizations that convert assets into tokens are licensed in the UAE.

However, the advisory documents for stablecoins, exchangeable cryptoassets, and NFTs (non-fungible tokens) are still being prepared.
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