UAE decided to develop crypto business and prepare licensing

The United Arab Emirates is seeking to attract the world's largest crypto companies, for which it is ready to issue federallicenses to service providers of virtual assets by the end of the first quarter.

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It is believed that the Office of Securities and Commodities is already at the final stage of introducing the relevant amendments to the legislation.

A nationwide licensing system forkompany, zanimayuschixcya viptualnymi aktivami, mozhet pomoch OAE konkupipovat c takim financovymi tsentpami, HOW Cingapup and Gonkong, kotopye naxodyatcya in ppotsecce cozdaniya polnoctyu pegulipuemoy cpedy for topgovli kpiptovalyutoy.

Some of the country's free financial zones have alreadyissued permits for the activities of crypto companies, including the Dubai Multi-Commodity Center (22 licenses), the Abu Dhabi Global Market (6), the Dubai Silicone Oasis Authority (1).

The country will adopt a hybrid approach tosupervision: regulation will be carried out with the participation of the central bank, while local financial centers can establish their own licensing procedures.

This process includes the submission of an application anddue diligence by the government, and its details will depend on whether the organization will create a company on the mainland or in a free commercial zone.

In addition, the official representative of the UAE said that the government plans to create an ecosystem for crypto mining, which will also be regulated.

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