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.
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.
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.
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