Midhun Menon P
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The United Arab Emirates is regarded as one of the world’s most forward-thinking crypto nations. The Dubai Financial Services Authority (DFSA) now accepts cryptocurrency payments, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), to pay for various trade licenses and visas through the government-owned licensing company KIKLABB in Mina Rashid, Dubai. Additionally, the DFSA declared in January 2021 that as part of its 2021–2022 Business Plan, it would create a thorough framework for crypto-regulatory standards.
The United Arab Emirates unveiled the Emirates Blockchain Strategy 2021 in April 2018. The strategy aims to make the most of blockchain technology and make the United Arab Emirates the first government powered by blockchain by moving at least 50% of its transactions onto the platform by the end of 2021.
The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Saudi Arabia jointly conducted a year-long project titled “Project Aber: Joint Digital Currency and Distributed Ledger Project,” which “explored the viability of a single dual-issue digital currency as an instrument of domestic and cross-border settlement between the two countries.” Similar to the findings of similar pilots carried out by other central banks, Project Aber’s results confirmed that it was feasible for central banks to develop domestic and international payment systems using distributed ledger technology.
Dubai is also working to increase the use of cryptocurrency nationwide. For instance, the Dubai Multi Commodities Centre (DMCC) recently opened a new Crypto Centre that is accessible to businesses working on different blockchain and cryptocurrency technologies. With the strong support of the national government, the DMCC specifically houses businesses that offer, issue, list, and trade digital assets as well as those creating trading platforms that use blockchain technology.
Many well-known and emerging businesses are choosing to relocate their headquarters to the United Arab Emirates as a result of the country’s pro-crypto policies, most recently the American technology company Ripple. The Securities and Commodities Authority (SCA) sought input on the regulations’ text from the cryptocurrency industry and the general public in 2019, which attracted more crypto companies to the nation.
Cryptocurrency Legal Issues: Insights
Most jurisdictions and authorities have not yet passed legislation governing cryptocurrencies, so it is unclear whether crypto mining is legal in most nations.
According to the Financial Crimes Enforcement Network (FINCEN), crypto miners are money transmitters, and as such, might be subject to money transmitter laws. For instance, Israel taxes businesses and treats cryptocurrency mining as one. Regulatory uncertainty still exists in India and other countries, although Canada and the US are relatively friendly to cryptocurrency mining.
However, very few nations forbid cryptocurrency mining, except for those that have taken specific action to do so.
To know more about UAE cryptocurrency laws, please contact our experts, today!
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