According to the results of a global study for 2022, the United Arab Emirates ranked second in the world in terms of cryptocurrency penetration among the population. Today, about 34% of UAE residents own or have invested in crypto assets. The state actively supports the crypto industry.
Dubai has adopted the state strategy Dubai Blockchain Strategy, which aims to increase the efficiency of public administration through the introduction of blockchain technologies in various sectors of the emirate's economy. In 2022, the growth in the Dubai blockchain market exceeded the global average by 19%.
The Dubai-based virtual asset regulatory authority VARA has issued a set of new rules for virtual asset providers regulating the activities of all crypto market players in the field of marketing, advertising and promotion, personal data security and the implementation of Know Your Customer (KYC), Anti-Money Laundry (AML) and CDD procedures. The Office for the Regulation of Virtual Assets VARA has issued licenses for operations in the UAE to such major global players as Binance, OKX, Crypto.com , HeavenPay and others.
The conservative banking system of the United Arab Emirates currently acts as a deterrent to the further rapid growth of the country's crypto sector, but thanks to the close cooperation between the specialized regulator VARA and the Central Bank of the UAE, in 2023, the country will have facilities that will allow the free and legal conversion of fiat currencies into crypto assets, which will certainly contribute to a multiple increase in the crypto industry in the Emirates.
If you are interested in this type of business, before that you should study a number of quite interesting and understandable documents from WARA, DWTC (I prefer it). And also get acquainted with the latest FATCA, AM6 and especially AML 7 derivatives.
Dubai has adopted the state strategy Dubai Blockchain Strategy, which aims to increase the efficiency of public administration through the introduction of blockchain technologies in various sectors of the emirate's economy. In 2022, the growth in the Dubai blockchain market exceeded the global average by 19%.
The Dubai-based virtual asset regulatory authority VARA has issued a set of new rules for virtual asset providers regulating the activities of all crypto market players in the field of marketing, advertising and promotion, personal data security and the implementation of Know Your Customer (KYC), Anti-Money Laundry (AML) and CDD procedures. The Office for the Regulation of Virtual Assets VARA has issued licenses for operations in the UAE to such major global players as Binance, OKX, Crypto.com , HeavenPay and others.
The conservative banking system of the United Arab Emirates currently acts as a deterrent to the further rapid growth of the country's crypto sector, but thanks to the close cooperation between the specialized regulator VARA and the Central Bank of the UAE, in 2023, the country will have facilities that will allow the free and legal conversion of fiat currencies into crypto assets, which will certainly contribute to a multiple increase in the crypto industry in the Emirates.
If you are interested in this type of business, before that you should study a number of quite interesting and understandable documents from WARA, DWTC (I prefer it). And also get acquainted with the latest FATCA, AM6 and especially AML 7 derivatives.
