United Arab Emirates law expert Kokila Alagh shares insights on UAE crypto and blockchain laws.
While many countries are inclined to simply ban the use of Bitcoin and virtual assets, regulators in the United Arab Emirates are taking a different approach.by providing frameworks to guide crypto businesses on how to operate in accordance with the laws.
Such free zones include the Dubai International Financial Centre , which is regulated by the Dubai Financial Services Authority , Abu Dhabi Global Markets which is regulated by the Financial Services Regulatory Authority , and the Dubai Multi Commodities Centre which falls under regulatory remit of the SCA.
“The regulations provided certainty and have opened new opportunities in the UAE, which makes SCA a progressive regulator in the global landscape, as they haven’t ignored this vital growing sector and are continuously working on developing the frameworks to adjust as per these emerging sectors like DLT, blockchain.”
Alagh also discussed regulations in the DIFC. According to Alagh, the DFSA, DIFC’s regulator, “is one of the first regulators from a major financial free zone to bring regulations in regard to security tokens.”
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