Abu Dhabi-United Arab Emirates, Japan and Singapore have emerged as trendsetters to effectively regulate the crypto market, said top European scholars.
“As crypto assets are becoming mainstream, their value has exploded over the past year, with many ambitious initiatives in Asia and the Gulf, making digital assets a financial force to consider. It’s on the way, “says Guy Burton. He is an associate professor at the Brussels Governance School and teaches politics and international affairs.
In an article entitled “Understanding Cryptographic Regulations Correctly” on BrasselsReport.eu, a website featuring news and analysis covering European Union policies, Eurozone issues and investments, he told UAE Financial Services in Dubai. It was pointed out that the Service Bureau is explicitly included in the cryptographic regulatory framework in the 2021 Business Plan.
“From the beginning of this year, the country has begun to put it into practice. The UAE has adopted elaborate regulations and established a dedicated regulatory body. The country has already licensed to establish more than 30 exchanges. With officially licensed cryptocurrency mining, the country’s share of the global cryptocurrency market should grow by more than $ 26 billion from last year, “Burton explained.
The United Arab Emirates is ahead of other countries and jurisdictions eager to see how recent changes will impact by promoting cryptocurrencies and ensuring formal oversight. Said the professor.
He said Singapore and the United Arab Emirates do not have the size of the EU, but they have another advantage. Countries like the United Arab Emirates have a comparative advantage over some other jurisdictions that have just begun their regulatory journey.
The United Arab Emirates has passed the stage of appealing for the cooperation of existing authorities. Unlike the EU, you don’t have to wait years for the legal framework to be fully developed, Burton said.
“Because measures have already been taken, Emiratis authorities can know what works and what doesn’t, and give them the opportunity to respond in a timely and effective way. As he consolidates its role in the future of finance, in the coming years about trendsetters such as Singapore and the United Arab Emirates. “