Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>


Cryptocurrency regulation may be about to reach new heights in the United Arab Emirates. Since Bitcoin was first made available in the Middle East in 2014, the region has welcomed the myriad opportunities cryptocurrency and blockchain technology brings.


The UAE's financial regulator, SCA (Securities and Commodities Authority) is now gathering intelligence from individuals and companies in the cryptocurrency industry to feed in to its final draft regulations. Cryptocurrency exchanges, Forex brokers and financial analysts will all feed in to the development of new regulatory proposals, speeding up the time it takes to agree appropriate principles.   The UAE Government recognises that it can benefit greatly from the years of industry expertise these agents bring, providing them with a cryptocurrency guide, while also reducing the time it would take to understand the potential economic impact of cryptocurrency.

It is anticipated that this democratic approach could result in a light-touch regulation of the industry in the UAE. Industry experts believe that those involved in developing the regulatory framework for cryptocurrency trading are in danger of having different, and potentially conflicting, opinions on the right way to regulate their industry. It has therefore been suggested that the process could be segmented, with different agents involved reporting on their specific area of expertise, rather than looking across the industry as a whole.


Even the royal family of the UAE is getting a piece of the cryptocurrency action, by investing a stake in the CPI (Crypto Price Index), which is a blockchain based analog of the Dow Jones. CEO of the CPI Herbet Law said he was delighted to have the backing of the Emirati royal family, and said they share the same philosophy. The CPI will gather data from over 200 popular types of cryptocurrency, in order to develop a tool to analyse industry sentiment across the market.


In addition to this, the Chamber of Commerce in Dubai (DCCI) has signed a MoU (Memorandum of Understanding with Government-owned bank NBD. The bank, one of the biggest in the Middle East, will facilitate trade solutions for Silk Road, a program which utilizes blockchain technology to digitize some of Dubai's trading processes. The Silk Road initiative is being developed to improve the efficiency and transparency of supply chains, in conjunction with partners including DP World - UAE Region and Dubai customs.


The UAE is certainly embracing blockchain technology in a number of ways. For example, Tech Mahindra, the Indian IT firm, is now partnering with UAE's planning department, to improve land registry transparency. With around three quarters of Abu Dhabi's population being non-Emirati, keeping track of rental and lease agreements is challenging. Embracing new blockchain technology will enable the UAE's Department of Central Planning to save time and streamline the processing of land registry documents.


In addition, Noor Finance published its report in 2018 citing the huge potential blockchain technology has to reshape the UAE's trade finance. And Etisalat Digital announced in July this year that it had launched its own blockchain trade platform, called UAE Trade Connect.


It seems cryptocurrency and blockchain technology is garnering a great deal of support and is becoming a growth market in the UAE. It will be interesting to see how the proposed regulatory framework shapes the future for it in the UAE.



Posted by : GoDubai Editorial Team
Viewed 16785 times
Posted on : Monday, October 28, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Jafza Partners With Amer to Deliver Family Visa Services to Employees in the Free Zone Area
Next Story : France to Reinvent the Art of Design through an Innovative Approach at Downtown Design from November...
Email this article Print this article

Share this article with your friends and followers


Back to Top  
Most Viewed Press Release posted in the last 7 days
Aesop's Parsley Seed Essentials - Your New Skincare Routine Favourites
British-Born MG Motor Gains in Popularity during the first half of 2021 in the M...
Standard Chartered Global Focus Q3 2021: Navigating a Vulnerable Recovery
Time with Michael Phelps
You Know About the Diamond 4cs, but There Is Another ‘c' You Should Know About —...
Back to the Office with CATRICE
Sony Middle East & Africa Introduces the New Interchangeable-Lens Camera Alpha Z...
Take Advantage of Jewellery Surprises at Malabar Gold & Diamonds before it ends
Samsung Announces Exclusive Odyssey G9 Curved offer for UAE Consumers through th...
Al Fardan Exchange Joins Forces With Empay's Contactless Ecosystem in Landmark D...
MAX&Co. FW21
Dubai-Based King Group Hospitality Expands Portfolio that will Boost UAE's Dh55 ...
SEHA Introduces Specialized Saturday Clinics Across the Network
ADU Welcomes more than 50 High School Students to the “ESTEDAD” Enrichment Bootcamps
Zoho to make Zoho Invoice Free of Charge to Empower SMEs to Rebuild and Grow
Push Start! - OMEGA
11th Edition of SIAL Middle East and Abu Dhabi International Date Palm Exhibitio...
ABB to Present Sustainable Solutions at Dubai EXPO 2020
Live from BMW Welt: The Esports Industry Assembles Virtually at BMW Esports Boos...
Thought Series – The “True Knowing” and “Genuinely Being” Syndrome
McLaren Racing Launches Multi-Year Partnership with Stanley Black & Decker
Jaguar Racing ‘Clones' Takeover Iconic London Underground Ahead of Heineken Lond...
Over 300 Aster Doctors honoured with UAE's Golden Visa
Empower Awards Construction Contract Worth AED 133 Million for its 32,000 RT Dis...
Emirates Integrated Telecommunications Company Reports Q2 2021 results
What Colour Is Your Summer? - RADO
Breathe Easy with the New Ranges from Crate & Kids
Dubai's Best Activities for Summer 2021
My Take On FTH's Vegan Meat Range From Future Farms
Early Detection is Key to Treatment of Hepatitis: says MoHAP on World Hepatitis Day
EAD and Wetlands International Launch a New Online Portal for the World's Waterb...
Under the Directives of His Highness Sheikh Saud bin Saqr Al Qasimi, Ras Al Khai...
Sharjah Chamber, South Korea Explore Fostering Economic Ties
Galaxy Ecosystem Excellence Emphasized through the Galaxy Tab S7 FE's Brilliance
Union Coop Holds 4 Virtual Training Courses for 350 Employees
Dubai Summer Story Contest Challenges Creatives to Produce Ultimate DSS Video an...
Hyundai Motor Group Honorary Chairman Mong-Koo Chung Inducted Into Automotive Ha...
Priorities for UAE HR Professionals: Digitization, Talent, and the Future of Wor...
Updates for BMW R 18 and R 18 Classic
4 Memorable Holiday Ideas For Eid-Al-Adha
Nikai Launches First WebOS TV in the UAE; Revolutionizing the TV Viewing Experience
Airbus Reports Half-Year (H1) 2021 Results
Samsung's 2021 The Wall is Now Available Worldwide
Middle Eastern Medical Students at St. George's University Secure US Residencies
NOW OPEN: Union Coop's New Branch in Jumeirah 1
Chocolate Chip Week Is Back at Denny's
The Next Era of Smartphone Innovation is About to Unfold
Dubai Islamic Bank First Half 2021 Group Financial Results
Commvault Announces Fiscal 2022 First Quarter Financial Results