Reports on the case show that the regulations for the UAE are almost ready, and that the process will be carried out by Securities and Commodities Authority.
Recent reports revealed that the UAE is considering issuing a federal license and its own regulation for all crypto-related service providers, which may be ready by the end of the first quarter of this year.
UAE to issue licenses for crypto companies and activities
According to the accompanying reports, the operation will be carried out by the UAE Securities and Commodities Authority, which will be in the final stages of finalizing the corresponding legislation applicable to the case. According to certain documents, all crypto service companies wishing to operate in the country must aspire to the respective license.
With regard to this license, reports show that a mixed format will be applied, because in order to create the associated legal frameworks, they have taken a cue from the regulations and considerations applied in France, the United Kingdom, the United States and Singapore to create a more comprehensive and complete.
In addition to the above, it is known that it will be the JSC that will amend the regulations jointly with the Central Bank, while financial entities will be able to develop their own guidelines. It is hoped that this will also serve as a guide to other legislation, with the nation also positioned to compete with other countries such as Singapore and Hong Kong.
Companies are preparing
Among other reports, sources confirm that the exchange, which has the largest volume of business operations worldwide, Binance, It is among the companies considering setting up operations in the United Arab Emirates.
In this way, it is also believed that it is Binance, There are also many other companies interested in moving their operations to the country, which are particularly attracted to the possibilities this presents to give their business activities a greater boost.
Let’s keep in mind that in the UAE there are many free zones that already have some very flexible regulatory and tax rules for the use and marketing of cryptocurrencies. But with regard to this regulation and new licenses, it is expected that they will enter into force no later than the end of next March.
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Angel Di Matteo version / Daily Bitcoin
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