Dubai is becoming friendly with Fintech. Will the UAE become the next crypto hub?

11 Sep, 2018
by Arthur Sillers
News
Dubai is becoming friendly with Fintech. Will the UAE become the next crypto hub?

The Governor of the Central Bank of the United Arab Emirates has announced that a parnership between regulators and Fintech is in the works, set to make the Middle Eastern an important player in crypto's future.

The UAE has been noted for sending mixed signals about its regulatory stance on cryptocoins. Last October, Abu Dhabi released what seemed like friendly regulatory positions on both ICOs and cryptocoins, though this conflicted with reports from only a few weeks later that the Minister of Economy and Chairman of the Securities and Commodities Authority (SCA) Al Mansouri had issued a strong warning on the use of cryptocurrencies, according to Gulf News.

Apparently, this warning need not apply to anyone in the Emirates looking to trade crypto, as earlier this week, according to United Arab Emirates publication WAM, Al Mansouri announced that in fact, the SCA is approving a resolution to handle ICOs as securities, and introduce friendly regulatory frameworks for Fintech and digital currency markets.

This is probably great news for US crypto firms attempting to do business in the region, like Seccurency who, according to Arabian Business, have expanded their US based operation to open a firm in Dubai.

The UAE has one of the most pro-business economic regulations in the world, and accordingly has an extremely fast growing economy. The Dubai Multi Commodities Centre (DMCC) has also reportedly been granting individual licenses to those operating in the region.

The UAE, with friendly regulation and economic freedom, it is likely it will become a booming center of crypto development in a region which, with the notable exception of Iran, remains skeptical of crypto developments.

Read more- UAE financial authority approves ICO regulation plan

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