#UAE has become the Middle East’s digital asset champion
TUESDAY, 29 MARCH 2022
#UAE has become the Middle East's digital asset champion
The United Arab Emirates will reportedly begin to issue federal licenses for virtual asset service providers by the end of the first quarter of 2022.
The move is part of a complex regulatory framework the United Arab Emirates is working on—an effort that may make the country one of the world’s most crypto-friendly jurisdictions.
In Dubai, 22 of the 30 VASPs are located in the free zones of DMCC (Dubai Multi Commodities Centre) (DMCC).
At the same time that some major countries are severely restricting cryptocurrencies, the UAE is working to create a safe regulatory environment for businesses dealing with digital assets.