- Bloomberg claims Emirates is ready to start licensing fintech companies
- Now SAC is in the final stage of testing the organizational structure
- It is expected that the first licenses will be issued by End of Quarter
- Thus the country wants to attract more industry giants and create a new crypto hub
Today, February, Bloomberg edition citing an anonymous source, said the UAE is preparing to start licensing virtual financial service providers. The country is looking to attract more large industry corporations to create a new crypto hub.
The source of the publication claims that the Securities and Exchange Administration (SCA) is at the final stage of the project. Unlike other countries, the UAE has chosen a hybrid approach to settlement.
The General Regulations and Rules and monitoring remain the responsibility of SCA. However, the licensing procedure itself will be carried out locally, with the introduction of regional financial centers.
This will create a flexible organizational structure. It is expected that the first licenses of the company will be received by the end of this quarter.
UAE seeks to attract more cryptocurrency counterparties. The country sees potential in this segment and wants to dominate the region.
In December, the government of Dubai announced its intention to create a suitable ecosystem for crypto companies in the World Trade Center. The very next day, the Binance exchange signed a cooperation agreement with the authorities.
Earlier, we have already talked about the prospects of the Emirates in the fight for the title of world blockchain capital. Read more about this in our material.