UAE Drafts Resolution to Regulate Crypto Asset

Asia Blockchain Review
November 5, 2019

The United Arab Emirates’ Securities and Commodities Authority (SCA) disclosed that it has drafted a resolution to regulate crypto assets that will possibly open up more opportunities for blockchain and crypto projects.

Promoting Digital Transformation in the UAE

Fujitsu’s First Digital Transformation Centre Founded at Macquarie University

According to Cointelegraph, UAE has been signalling to the international community that it is ready to embrace digital transformation in many dimensions. 

Previously, the Dubai Chamber of Commerce announced it established a partnership with Emirates NBD, one of the nation’s largest state-owned banks, to promote the Dubai 10x project that will play a key part in the UAE’s blockchain-powered “Digital Silk Road,” which will see trade processes digitized by 2020. 

In June 2019, the Dubai Chamber of Commerce officially joined the ICC Blockchain/DLT Alliance, an international business organization, with the aim of implementing blockchain technology in risk management, trade processes and supply chains. 

Blockchain Adoption Rising in the Middle East

If the UAE succeeds in regulating crypto assets, other neighboring countries may follow its lead, thereby promoting even more blockchain adoption in the region. 

Financial institutions and banks are already aware of the advantages of blockchain, and have embarked on projects to use the decentralized technology.

In September 2019, the National Bank of Fujairah (NBF) in Dubai joined Marco Polo, an international blockchain-enabled trade finance network.

In the first quarter of 2019, blockchain startups based in the UAE raised US$210 million, making the country the largest hub of blockchain investment in the world and signalling heightened interest in blockchain technology among investors.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us