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Exclusive: UAE to become main destination for Blockchain-Related Businesses in 2019, Experts says

BlockClutch Team



The United Arab Emirates (UAE) is seeking to combine the list of top destinations for blockchain-related companies in 2019 because of promising new crypto legislation. Experts commented about the situation into the UAE’s daily paper The National on Monday, Dec. 24.

Since the UAE has declared that a new legal framework for first coin offerings (ICO) and succeeded about potential law for crypto exchanges, pros see a potential for the nation to combine Malta and Gibraltar as a favorite crypto destination.

Hans Fraikin, CEO of Libra Project — a blockchain-driven effect investing application — told

“The National that the UAE has been perfectly positioned for a worldwide pioneer at the ICO space. In addition, he thinks that the nation will develop into the most promising authority for tokenized startups as a result of its stance on ICOs.”

Also Read: SBI Holdings’ Vctrade beings accepting Bitcoin, Ethereum, Ripple Deposits

Andrea Bonaceto, CEO of Eterna Capital — a fund management company in London — also considers that the UAE could be”in the forefront of this sector” because of its government’s attempts to modernize the financial industry.

But, both experts think that the UAE must cultivate its own investors and developers to guarantee a sustainable potential of their crypto industry over the country.

Since Cointelegraph formerly reported, the UAE’s financial regulator disclosed in mid-December a new policy on ICOs will likely be released in ancient 2019. The Securities and Commodities Authority of the Nation will allegedly work together with the Abu Dhabi Securities Exchange and Dubai Financial Market to create a stage for ICO token trading.

Concurrently, the UAE is also growing several cryptocurrency and blockchain jobs on a country level.

Also Read: Increase in Blockchain revolution despite crypto crash

As an example, the nation partnered with neighboring Saudi Arabia to create a cryptocurrency approved in cross-border trades. In addition, the Advisory Council of the United Arab Emirates Banks Federation has discussed using blockchain in its member banks to enhance Know Your Client (KYC) processes.

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