The attitude of the UAE financial regulators to cryptocurrencies has traditionally been ambiguous and there is still no cryptolicense in the UAE.
A few years ago, the use of this tool was not encouraged, especially contrasted against the background that new technologies are actively promoted in this country, and in all spheres of life. In addition, even today, the circulation of digital money is practically not regulated, although not prohibited.
Nothing foreshadowed the speedy changes and the transformation of the UAE into one of the leaders in promoting the blockchain technology. But it happened on January 19th, 2019, when media channels published results of a scheduled meeting of officials of the Emirates and Saudi Council, which is headed by influential persons, namely the hereditary princes of both countries. On that day, at a quite ordinary meeting, it was decided to provide consumers with a joint cryptocurrency, and the issue of missing regulation of cryptocurrency and cryptolicense were also discussed.
Cryptocurrency in UAE
The first virtual currency has not yet received its name, as well as technical and other parameters are unknown, but the dates of its use have already been presented. So a new cryptocurrency will appear on the market of the UAE and neighboring Saudi Arabia in the middle of 2019.
At first, the central banks of both countries and their commercial banks (perhaps not all) will be entitled to use it. This was done in order to study the impact of the generated digital money on the economy and monetary policy, to carry out the necessary cyber security assessment. As well as experts from different fields of activity will study the features of using blockchain technologies.
What was it created for
The presented cryptocurrency is created in order to simplify transnational payments between the countries listed above. Any other details are still unknown (it is also unknown whether a cryptolicense will appear in the UAE), except that decisions are made at the federal level in the UAE, that blockchain technologies should enter all spheres of life in the country. Beside aforementioned in the Emirates, numerous officials, even at the municipal level, undergo a mandatory program to familiarize themselves with blockchain technologies.
If you want to get a cryptolicense now, you can do it in Estonia. We will help you obtain a license for exchange operations with cryptocurrency and crypto wallets. If you want to open a company in the UAE and prepare for the coming changes, we will also be happy to assist!