The UAE has taken steps to recognize the use of blockchain
technology which is increasingly pervasive in global trade and
commerce.
As a market participant and professional services provider, we
welcome the development of a functioning framework for regulation
and promotion of crypto assets business and related activities as
we firmly believe the need to decentralize financial services must
be balanced with the imperative need to protect the public's
confidence in Crypto Assets and the underlying technology. Over the
past one year, we have successfully assisted several clients so as
to facilitate licensing of various activities in the “Virtual
Economy” including Distributed Ledger Technology Providers,
MetaVerse Service Providers and Crypto Assets Service Providers. We
are pleased to see an increasing level of activity in this sector
and large-scale recognition of UAE as a global hub for operating a
Crypto Assets business.
