A cryptocurrency exchange Bitex UAE opens in the regulation-clear UAE. Ripple (XRP) is also planned to be supported by mid-December
Cryptocurrency Regulation in the United Arab Emirates
In the United Arab Emirates, in June 2018 the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) implemented a comprehensive framework regulating crypto asset operations. This addresses the potential risks associated with activities related to crypto assets, including financial crime, money laundering, consumer protection, and technology governance.
The regulatory authority in Dubai, the Dubai Multi Commodities Centre (DMCC), has also introduced a license for crypto commodities (commodities) called “Proprietary Trading,” and in March 2018 issued the first license to a cryptocurrency trading company based in Dubai.
This trend is attractive to cryptocurrency exchanges, similar to Malta’s crypto-friendly regulatory framework that attracted Binance and Indian exchange Zebpay. According to Trade Arabia, many cryptocurrency and blockchain companies are showing interest in the UAE.