The Securities and Commodities Authority (SCA) in the United Arab Emirates has drafted a resolution to regulate crypto assets, which will provide greater clarity for cryptographic projects in the Middle East. The Middle East tends to focus on China, Japan, or the United States and does not often receive the attention it deserves in terms of blockchain and cryptocurrencies. However, apart from a few very restrictive countries such as Iraq and Kuwait, the region generally has a very progressive and supportive attitude when it comes to the blockchain industry.
Speaking to Cointelegraph, Sukhi Jutla, a Blockchain author and Financial Times and Google Top 100 Digital European Champion, said that the UAE is sending out a positive message to the world with this resolution, adding:
“They signal that they are ready to explore this area and, by creating guidelines, give them more security, confidence, and stability to entrepreneurs wishing to operate in this area.”
This move by the UAE could potentially result in other nations moving in a similar direction, which would help remove many of the obstacles that the industry is currently facing. She continued and said:
“The UAE has been smart enough to understand that this innovation will grow in the years to come and not want to miss it. It will not surprise me if the United Arab Emirates becomes the leading nation in this field as they have done with oil and real estate. “
While countries such as Turkey, Iran, and Israel are currently exploring the benefits of blockchain technology, the United Arab Emirates and Bahrain and Saudi Arabia are leaders in positive crypto and blockchain legislation. Especially in the UAE, there are already several blockchain initiatives that will benefit significantly from the new regulations.
Crypto’s regulation in the UAE marks further growth of this rising phenomenon. Another idea expected to rule the cryptocurrencies is BitNautic. The blockchain-based shipping platform provides a very secure and reliable system. It leaves you with a choice for your carrier based on its previous rating and not just that; you can track your shipment while you’re on the move. This ensures maximum safety of your cargo, therefore, the perfect shipping service.