Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    The 14th International Infrastructure Investment and Construction Forum Kicks Off in Macao

    June 2, 2023

    Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy

    June 1, 2023

    THE WORLD’S 50 BEST RESTAURANTS AWARDS ANNOUNCES 2023 CHAMPIONS OF CHANGE

    June 1, 2023
    Facebook Twitter Instagram
    Kuwait News HubKuwait News Hub
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Kuwait News HubKuwait News Hub
    Home » UAE a trendsetter in global crypto regulatory framework – European academic
    Business

    UAE a trendsetter in global crypto regulatory framework – European academic

    June 26, 2022
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    In terms of regulating the cryptocurrency market efficiently, the UAE, Japan and Singapore have emerged as trendsetters, according to a top European academic. As crypto assets have moved into the mainstream, their value has exploded over the past year, and with a growing number of initiatives across Asia and the Gulf, digital assets are becoming a financial powerhouse, said Guy Burton, an Adjunct Professor at the Brussels School of Governance, where he teaches politics and international relations.

    UAE a trendsetter in global crypto regulatory framework - European academicIn an article titled Getting it right on crypto regulation, published on the Brussels Report, featuring news and analysis covering European Union policy, Eurozone affairs and Investment, he pointed out that in the UAE, the Dubai Financial Services Authority explicitly included a crypto regulatory framework in its 2021 business plan. Since the start of the year the country has begun to put it into action. The UAE has adopted elaborate regulations as well as established a dedicated regulatory body. The country has already issued licenses for more than 30 exchanges to be set up. That, along with officially sanctioned crypto mining, should mean that the country’s share of the global crypto market should grow more than the $26 billion from last year, Burton explained.

    It is believed that the UAE’s bold move towards promoting cryptocurrencies and ensuring official oversight will put the country ahead of other countries. These countries will be eager to see what effect the changes will have on the industry, the professor added. While Singapore or the UAE may not have the size of the EU, they have another advantage: they are fast on their feet. Compared to some jurisdictions just starting their regulation journey, countries like the UAE are at a distinct advantage.

    UAE authorities have moved past the stage of appealing for joint efforts from their existing agencies. Burton explained that, in contrast to the EU, this country does not have to wait for years before the legal framework is completely in place. The Emirati authorities already have measures in place, allowing them to see what works and what doesn’t – and be able to respond in a timely and effective manner. In summary, it is quite probable that many eyes will be on such trendsetters as Singapore and the UAE in the future. This is because the digital assets market shapes the future of finance, the academic pointed out.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    Successful UAE-India partnership stands as a model of bilateral cooperation

    May 27, 2023

    ADIHEX introduces first-ever Best Hunting Knife competition

    May 23, 2023

    Masdar sets its sights on being one of the largest producers of green hydrogen by 2030

    May 19, 2023
    Latest News
    Health

    Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy

    June 1, 2023

    In an ironic twist of self-serving rhetoric, Jacek Olczak, CEO of tobacco giant Philip Morris…

    Unveiling the most overlooked early heart attack symptom

    June 1, 2023

    Sony faces antitrust probe in Romania over PlayStation’s market dominance

    May 31, 2023

    Audio-Technica brings back the Sound Burger: a retro turntable for the modern age

    May 31, 2023

    From crisis to catastrophe: China’s potential 65 million COVID cases per week by June

    May 30, 2023

    Twitter’s legal woes mount as former PR firm files lawsuit for unpaid invoices

    May 30, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    India’s mastery in space: ISRO’s successful launch of Cartosat-3 satellite

    May 29, 2023
    © 2021 Kuwait News Hub | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.