The UAE is getting ready to start issuing federal licenses to crypto service providers by the end of the first quarter. cryptocurrency bitcoin $BTC
The UAE crypto regulation will take a hybrid approach. The government hopes that a nationwide crypto licensing system will attract big companies to the region.The United Arab Emirates is getting ready to start issuing federal licenses to virtual asset service providers by the end of the first quarter, Bloomberg reported Thursday, citing an unnamed government official.
The country completed a risk assessment of crypto assets late last year. The assessment involved 14 public-sector agencies and 16 private-sector entities. The government concluded that proper regulation, rather than an outright ban, can mitigate the risks of cryptocurrencies being used in illicit finance schemes.
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