Are The UAE setting itself to be the next “Global Crypto Hub”?

The Next Global Hub?

The United Arab Emirates began its journey into the Blockchain and Crypto space in 2018 with the launch of “Emirates Blockchain Strategy 2021” which detailed to use of blockchain technology to migrate 50 percent of government transactions onto the blockchain platform by end of 2021, this was expected to save the country more than $3 Billion in paperwork and will help Dubai be the first city in the world to operate fully on blockchain technology. The year 2018 also saw the Financial Services Regulatory Authority, or FSRA, of the Abu Dhabi Global Market published guidance on cryptocurrencies, exchanges and initial coin offerings. The FSRA continued to actively engage with the industry, granting several regulatory approvals to companies like the BitOasis cryptocurrency exchange in 2019.

Source: https://www.cryptopolitan.com/cryptocurrency-regulation-in-uae-2019/
Source: https://newsbitcoin.cash/uae-reportedly-plans-to-issue-federal-crypto-license-for-vasps/

What is the potential benefit to the country?

We all know from countries like Kazakhstan and El Salvador that there are certainly a lot of advantages from being friendly to crypto, one of the main ones is attracting investments and people to the country. As the Cryptocurrency hype is not going to go away with the recent dip, countries are definitely better off in regulating it than fighting against it. We see that Kazakhstan which saw the release of its crypto-friendly regulation in 2019 showed an increase in foreign direct investment by 3000% at $3.3 Billion from its 2018 number. UAE obviously could strengthen its status as a global strategic business hub with investments from the crypto sector.

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Nagaya Technologies

Nagaya Technologies

NAGAYA (NGY) is a Gold-Backed Cryptocurrency with Subsidiary Projects. We aim to build Trust and Value through LEGALITY and TRANSPARENCY. https://nagaya.co/