Abu Dhabi’s Financial Services Regulatory Authority (FSRA) Considering Setting Regulatory Measures for the Cryptocurrency
Cointime (February 12) — Abu Dhabi’s Financial Services Regulatory Authority (FSRA) Considering Setting Regulatory Measures for the Cryptocurrency
Abu Dhabi’s Financial Services Regulatory Authority (FSRA) are considering setting effective regulatory measures for the cryptocurrency.
After UAE expressed skepticism about cryptocurrencies, the FSRA stated they are now working with the industry's businesses and related departments to develop a regulatory framework in the Sunday Announcement.
The regulator said,
“In considering such a framework, the FSRA intends to consult and work closely with industry participants and relevant professional bodies.”
Last year, Bitcoin was banned by UAE central bank. And since last October, Abu Dhabi’s regulatory authority ruled out banning the ICO altogether. Instead, they decided to classify the ICO as securities and cryptocurrency. Before yesterday’s announcement, Emirate Security & Commodities Authority also warned the public of the investment risks.
Within the announcement, FSRA further discussed cryptocurrency as a medium of exchange,
“The FSRA notes that virtual currencies, although not legal tender, are gaining interest globally as a medium of exchange for goods and services.”
At the same time, The Central Bank of UAE and Saudi Arabia are jointly developing a cryptocurrency. Other regions, like Dubai, are also integrating blockchain technology in all areas, including government, state-level cryptocurrencies, citywide payment systems and even airports.
Executive editor： Angel