United Arab Emirates to issue licenses for crypto service providers: Report

United Arab Emirates to issue licenses for crypto service providers: Report

Marielle Petere

Feb 17, 2022 | ECONOMY

United Arab Emirates to issue licenses for crypto service providers: Report

Government official of UAE disclosed that the regulation for licensing digital exchanges is now in final stage.

United Arab Emirates to issue licenses for crypto service providers: Report

The United Arab Emirates is preparing to issue federal licenses for cryptocurrency service providers by the end of Q1 and desires to establish a crypto mining ecosystem.

An unspecified government official revealed the Securities and Commodities Authority is finalizing the law for licensing virtual asset service providers, Bloomberg reported Thursday. 

United Arab Emirates into crypto economy

According to Chainalysis from July 2020 to June 2021. UAE is the Middle East’s third-largest crypto, following Turkey and Lebanon. 

In this case, UAE is now taking steps to have a nationwide licensing system for digital currency exchanges. Based on a report, the main goal is to attract more leading crypto companies. 

Authorizing VASPs like decentralized exchanges will formalize the country’s crypto economy. It also seems the start of engaging the global rivalry for the world’s trading hub, such as Singapore and Hong Kong. 

Regulating crypto ecosystem, not banning

Meanwhile, the country accepts the crypto market. Some people view the advantages of government assistance. 

Among the benefits are Dubai Multi Commodities Centre, which approved 22 licenses. Abu Dhabi Global Market presented six, and Dubai Silicon Oasis Authority.

Next to mention is the neighboring country, Saudi Arabia with its crypto tax policy. The country is imposing a 20% capital gain on the non-residential display of shares. Riyadh has tripled the volume-added tax to 15% from the 5% in UAE. 

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