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ARTICLE · 28 NOVEMBER 2017

The Practice In The Cryptocurrency Trading In UAE

United Advocates
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The year 2017 started with a shocking surprise for those (individuals and companies) participating in cryptocurrencies trading in the UAE due to the UAE Central Bank's unforeseen Regulatory Framework for Stores Values and Electronic Payment System, ...

United Arab EmiratesFinance and Banking
Carlos Marcos
Carlos Marcos

1. Introduction

The year 2017 started with a shocking surprise for those (individuals and companies) participating in cryptocurrencies trading in the UAE due to the UAE Central Bank's unforeseen Regulatory Framework for Stores Values and Electronic Payment System, which stated that "[a]ll virtual currencies are prohibited".

On 1st February 2017, the Governor of the UAE Central Bank stated in an interview with Gulf News that such regulation had no effect on cryptocurrencies whatsoever and that therefore, their trading was not banned as per the UAE legal system.

Due to this uncertainty, the UAE Central Bank took the initiative and announced, after assessing cryptocurrencies' impact on the GCC economy, the need for the issuance of new regulations on cryptocurrency trading in the UAE. In this regard, the UAE Central Bank's first conclusions on this hot topic were finally issued on 23rd October 2017.

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